BitMine Immersion Technologies Inc., the largest publicly traded holder of Ethereum, has adopted a new approach by staking a portion of its ETH holdings. On the 27th of December, the company deployed 154,176 ETH—valued at approximately $451 million—into staking across two rounds. Through this strategy, BitMine aims to earn yield on its holdings and strengthen its balance sheet after recording roughly $3.5 billion in unrealized losses from its ETH purchases. The company controlled about 3.369% of Ethereum’s circulating supply at press time, amounting to just over 4 million ETH valued at roughly $11.924 billion.
However, BitMine’s ambitions extend beyond this stake, with plans to acquire up to $5.88 billion worth of additional ETH to reach 5% of the total supply. CEO Tom Lee said, “We are making rapid progress toward the ‘alchemy of 5%’ and are already seeing the synergies from our substantial ETH holdings. We are a key entity bridging Wall Street’s move onto the blockchain through tokenization.” With an additional 1.63% of Ethereum supply—worth about $5.88 billion—still in play, BitMine could further increase its staking exposure, potentially deploying up to $1 billion into this segment.
SharpLink, the second-largest publicly traded Ethereum holder, unstaked $104.4 million worth of ETH as of the 27th of December, though there’s no confirmation the company sold these assets on the open market. Data from CoinGlass showed that $164.9 million worth of holdings were sold over a recent three-day period, pointing to sustained outflows among institutional participants. Even so, institutions still control a significant share of the market, with approximately $17.05 billion in assets under management remaining within this segment. BitMine has doubled down on Ethereum staking, committing $451 million, a move that follows $3.5 billion in unrealized losses.
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