Overview
- BitMine disclosed Monday that it bought 101,901 ETH worth about $236 million, lifting its holdings to 5,078,386 tokens, or 4.21% of supply, which is 84% of its 5% target.
- By early Tuesday, BitMine had 3,814,245 ETH staked through its MAVAN validator network, the largest single-entity stake on Ethereum at roughly 75% of its holdings.
- Because staked ETH faces about a one‑month withdrawal delay, the growing locked balance cuts tradable supply and heightens concerns about concentrated validator influence.
- The staked balance is generating about $264 million a year in rewards, and the company projects roughly $363 million when the rest of its ETH is fully deployed at current yields.
- Weekly buys now exceed 100,000 ETH and included a 10,000‑ETH over‑the‑counter purchase from the Ethereum Foundation, as BitMine pursues its 5% goal following its April 9 NYSE uplisting and reports $13.3 billion in assets.