Bitmine Pushes ETH Staking Past 1.68 Million Tokens

Bitmine Immersion Technologies has added another 154,304 ETH to its staking pool in the past five hours, locking up $514 million worth of Ethereum. The latest move, flagged by Fundstrat’s Tom Lee, lifts Bitmine’s total staked holdings to 1,685,088 ETH — a position valued at $5.62 billion.

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The pace of accumulation is striking. In less than two weeks, Bitmine has scaled its validator footprint to rival the largest institutional players in crypto. Analysts point out that the company’s strategy mirrors MicroStrategy’s Bitcoin playbook, but with Ethereum’s staking yield as the core driver. At current rates, Bitmine’s validators could generate hundreds of millions annually, turning ETH into both a treasury asset and a yield engine.

Liquidity impact is already visible. Traders on Binance and Bybit report thinner order books as Bitmine’s activity removes supply from circulation. That scarcity effect, combined with Ethereum’s burn mechanism, amplifies upward pressure on price. Market desks are watching whether the $5.62 billion locked will trigger a broader repricing of ETH in the weeks ahead.

Regulatory optics remain part of the conversation. The SEC has signaled closer scrutiny of staking products marketed as yield‑bearing securities. Bitmine’s disclosures, though, have been unusually transparent, with filings detailing validator performance and quarterly holdings. That openness may help the firm avoid the compliance headaches facing smaller operators.

For now, the headline is simple: Bitmine has crossed 1.68 million ETH staked. The scale of that position reshapes Ethereum’s supply dynamics and cements Bitmine’s role as the institutional face of ETH staking in 2026.