TLDR:
- Bitmine staked $508.4M worth of ETH in a single day through six large transfers via Coinbase Prime.
- The firm now controls 10.5% of Ethereum’s total staked supply, totalling over 4 million ETH staked.
- Staking removes ETH from circulation, potentially creating long-term upward price pressure on Ethereum.
- No corporate entity has ever staked this proportion of Ethereum’s total supply before Bitmine’s move.
Bitmine Immersion Technologies, chaired by Fundstrat’s Tom Lee, has staked $508.4 million worth of Ethereum in a single day.
On-chain data from Arkham Intelligence confirmed multiple large ETH transfers sent to Coinbase Prime for batch staking.
The firm now holds over 4 million ETH staked through its MAVAN platform. This accounts for 10.5% of Ethereum’s total staked supply, worth approximately $9.3 billion.
A Single-Day Move That Reshaped Ethereum’s Staking Landscape
Arkham Intelligence tracked six separate transfers from Bitmine’s Coinbase Prime custody wallets. Each transfer ranged between 14,400 ETH and 32,400 ETH.
Together, the transactions totalled roughly $508 million in one staking push. No single corporate entity has ever staked this proportion of ETH supply before.
Bitmine currently holds over 744,000 ETH in its active portfolio, valued at approximately $1.7 billion. However, the cumulative staking figure tells a larger story.
Through its MAVAN staking platform, the firm has now locked over 4 million ETH into the Ethereum network. That represents more than one-tenth of the entire staked supply.
Arkham Intelligence posted on X confirming the scale of the move. “Tom Lee just staked $508.4M ETH,” the post read. “Bitmine has now staked over 4 million ETH worth $9.3B — that’s 10.5% of the total staked ETH supply.” The data left little room for interpretation.
Staking differs from simply holding cryptocurrency. When Bitmine stakes its ETH, it locks those tokens to help secure the Ethereum network. In return, the firm earns a consistent yield while removing that supply from open circulation.
What Bitmine’s Strategy Means for Ethereum Supply and Demand
One market observer noted online that the move “signals conviction, not speculation.” Staking reduces circulating supply while reinforcing long-term positioning. That dynamic matters for how Ethereum trades in the months ahead.
Some observers have suggested that Bitmine’s heavy buying may be suppressing ETH’s price in the short term. Large institutional buyers often accumulate quietly before price movements follow. That pattern is well-documented across both crypto and traditional markets.
Others hold a different view. When institutional money of this size commits to staking rather than selling, it tightens available supply over time. Less circulating ETH typically creates upward price pressure as demand grows steadily.
Tom Lee has been building Bitmine’s Ethereum position over several months. The process moved from aggressive buying to structured staking at scale.
Bitmine is now not just holding Ethereum — it is operating as a core participant within the Ethereum network itself.
