Tom Lee’s (@fundstrat) BitMine (@BitMNR) has staked another 159,728 $ETH, worth about $390.6 million, according to on-chain analytics firm Lookonchain. The deposit lifts the company’s total s
Tom Lee’s (@fundstrat) BitMine (@BitMNR) has staked another 159,728 $ETH, worth about $390.6 million, according to on-chain analytics firm Lookonchain. The deposit lifts the company’s total staked holdings to 5.23 million ETH, valued at $12.78 billion. That equals roughly 86.5% of its Ethereum holdings.
The figures were widely reported on October 21. KuCoin News said the company holds about 6.04 million ETH, reportedly close to 4.9% of Ethereum’s total supply.
The latest move raises the share of BitMine’s ETH that is staked. TokenPost noted that the staked share was about 84% in the earlier snapshot. The company’s own weekly disclosures, as reported by The Block, showed 5,067,309 ETH staked through its MAVAN platform and staking partners, representing 84% of its balance.
MAVAN, short for Made in America Validator Network, is BitMine’s in-house staking platform. Crypto Briefing reported that it has expanded beyond managing BitMine’s own holdings to offer staking infrastructure for institutional investors, custodians and other ecosystem participants.
Staking commits ETH to help validate transactions on Ethereum and can generate rewards, TokenPost said. BitMine has said it expects rewards to rise as more of its position is staked. As reported by Crypto Briefing, it estimates its staked holdings could generate about $309 million in annualized revenue, rising to $369 million if its entire treasury were staked, based on a 2.58% annualized yield.
BitMine’s push comes as Ethereum staking participation hits records while returns decline. 24/7 Wall St. reported, citing Bitwise data, that 43.8 million ETH is staked, or 36% of supply, with 1.16 million ETH queued to enter. It added that the staking yield has dropped to 2.6%.
The same report flagged a risk. Yahoo Finance noted that BitMine’s stock has fallen nearly 57% over the past year even as it kept accumulating ETH, suggesting staking rewards alone cannot offset a declining asset. Staked ETH is also locked and subject to network entry and exit queues.
BitMine has bought Ethereum every week since launching its treasury strategy on June 30, 2025, and is close to its stated goal of holding 5% of supply, The Block reported.
KuCoin News: Bitmine stakes $390M in ETH
