Bitmine, a former Bitcoin mining company, has shifted to Ethereum staking after the Merge event, adding 103,424 ETH ( worth approximately $303 million USD at a price of ~ $2,940 USD/ETH ) through recent deposits, increasing the total holdings to 257,600 ETH. The reported figure of $75.43 million USD for the total value appears to be missing a digit, most likely around $754 million USD at the current price.
This move indicates growing institutional confidence in ETH’s ability to generate long-term yields ( currently around 3–4% APR ) as well as the deflationary mechanism through fee burning via EIP-1559, with over 30% of ETH supply being locked, helping to support price stability.
This trend also reflects a broader on-chain picture: the Ethereum staking queue ( 537,000 ETH ) has now surpassed the withdrawal amount ( 450,000 ETH ) for the first time since September 2025, indicating selling pressure from ETF declines is easing and accumulation activity is returning.
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