BitMine becomes largest Ethereum DAT as staked balance tops 1.53 million ETH
BitMine Immersion Technologies has staked another major batch of Ether, taking its total staked balance to more than 1.53 million ETH and reinforcing its position as the largest Ethereum digital asset treasury (DAT).
The Nasdaq-listed firm, chaired by Fundstrat’s Tom Lee, deposited 186,560 ETH — worth about $625 million — into the network’s “Beacon Depositor” address, according to Lookonchain.
The new deposits bring BitMine’s staked holdings to roughly $5.13 billion, representing about 4% of the 36 million ETH staked on Ethereum’s Beacon Chain. BitMine still holds more than 4 million ETH overall, meaning only about 37% of its stash has been staked so far. The move comes just days after the company crossed 1 million ETH staked, accelerating its shift toward staking-based yield and long-term positioning. On Monday, BitMine disclosed it held 4,167,768 ETH, 192 BTC, nearly $1 billion in cash, and a $23 million stake in Eightco Holdings.
Validator entry queue surges as institutions chase yield
BitMine’s staking expansion is landing amid a sharp spike in Ethereum’s validator entry queue, which has surged to 2.3 million ETH, its highest level since August 2023. That queue reflects how much ETH is waiting to become active in staking, and the jump signals growing demand for validator slots — especially from larger players allocating ETH as a yield-bearing treasury asset. The rising queue effectively slows down how quickly new stake can enter the network, extending wait times for activation and tightening the short-term availability of liquid ETH.
With BitMine staking aggressively, the company is directly contributing to that congestion while also locking up supply that might otherwise circulate in the market. For Ethereum, this reinforces the narrative of staking acting as a structural sink for supply during periods of improving sentiment. It also highlights how corporate treasuries are beginning to treat ETH less like a speculative token and more like a yield-generating balance-sheet instrument. In practical terms, BitMine’s approach mirrors the logic of TradFi carry strategies — but executed through onchain staking infrastructure.
BitMine stock ticks higher as ETH rallies toward resistance
BitMine shares rose 3.8% in after-hours trading Tuesday to $32.35, extending a strong start to 2026 as crypto-linked equities rebound alongside digital assets. The stock is now up about 11.5% year to date, tracking broader market optimism after the leverage wipeout that capped 2025. Tom Lee framed the post–October 10 reset as a “mini crypto winter,” arguing that 2026 is shaping up as a recovery year, with even stronger upside possible in 2027–2028. Ether also posted its biggest daily gain of 2026, rising roughly 7% in 24 hours and briefly touching $3,375, its highest level since Dec. 10, based on Coinbase pricing.
ETH is now pressing the upper boundary of a two-month sideways range, with traders watching the $3,400 area as the key breakout level. A clean break above that zone could open the door to sharper momentum, while rejection would reinforce the current channel. For now, BitMine’s escalating staking program is adding fuel to the view that institutional ETH positioning is turning more aggressive again.
Recently we wrote that institutional access to Ethereum received a boost with the SEC's July 2024 approval of spot Ethereum ETFs, leading to renewed net inflows into these funds and highlighting increased investor interest.
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