BitMine’s Staked Ethereum Holdings Surpass 74% After Latest $259 Million Move

BitMine, the world’s largest Ethereum treasury company chaired by popular crypto advocate Tom Lee, has continued to aggressively commit its massive holdings to the Ethereum network.

The past few days have seen BitMine consistently stake large portions of its Ethereum holdings to earn more yields while also contributing to the network’s security.

BitMine on track to stake all holdings?

On Saturday, April 25, data from blockchain monitoring firm Lookonchain shows that BitMine has staked an additional $259 million of its Ethereum holdings.

This steady staking activity has caught the attention of market participants, sparking curiosity about how far BitMine is willing to go in staking its holdings.

The move saw BitMine stake a total of 112,040 ETH from its large Ethereum stash in about eight separate transactions, just a few hours after its previous stake.

Nonetheless, the latest move brings its total staked ETH holdings to 3,701,589 ETH. This marks about 74.38% of its total Ethereum holdings.

As usual, the Ethereum tokens were staked through Coinbase Prime with each transaction containing large batches of ETH tokens.

BitMine maximizes Ethereum returns 

As BitMine appears to be gradually staking all its holdings, the company has further reaffirmed its confidence in the world’s second-largest crypto asset, and it appears that it is not willing to opt out in the near term.

With its decision to lock its holdings on the network, BitMine is expanding its earnings while also positioning itself for bigger returns in the future.

As on-chain metrics suggest that Ethereum is preparing for a major price breakout, BitMine is set to expand its gains on the asset.