BitMine Stakes Another 160K ETH, Cumulative Staked Position Hits New High
On-chain monitoring platform Lookonchain reported that Tom Lee's crypto entity BitMine has executed another substantial staking transaction, depositing 160,480 ETH (worth approximately $248.7 million) into the Ethereum staking contract. This is not BitMine's first large-scale staking operation. As of the latest data, BitMine's total staked ETH has reached 4.88 million coins, valued at roughly $7.56 billion at current prices, occupying 86% of its total ETH holdings. Such a high staking ratio signals a long-term commitment to the Ethereum ecosystem rather than a short-term trading approach.
BitMine is affiliated with Tom Lee, the well-known Wall Street analyst and co-founder of Fundstrat, whose entities are involved in cryptocurrency mining and investment. This latest staking comes after Ethereum's Shanghai upgrade, which enabled unstaking and reduced concerns about liquidity lockup for large validators.
Holdings Structure and Market Impact: Circulating Supply Continues to Tighten
BitMine's staking activities directly reduce the effective circulating supply of ETH. With 4.88 million ETH locked in staking contracts, these assets are unlikely to enter the trading market in the near term, helping to alleviate selling pressure. On a broader scale, over 27% of Ethereum's total supply is now staked (as of writing), and institutional-level staking is becoming a key driver of ETH scarcity.
Notably, only 14% of BitMine's total ETH holdings remain unstaked, highlighting its highly committed, long-term holding and passive income strategy. Such stability also positively contributes to Ethereum network security. The market will be watching whether other whales or institutions follow BitMine's lead, potentially further elevating the staking rate and influencing ETH price dynamics.