Bitmine Immersions has made headlines by staking a remarkable total of 343,560 ETH, valued at nearly $1 billion, over the course of just two days, as reported by Lookonchain. This substantial move marks a pivotal moment in the company”s strategy.
Initially, the firm staked 74,880 ETH, followed by an additional 79,296 ETH. The most significant tranche was 103,424 ETH, with a final stake of 85,960 ETH completing the impressive series of transactions.
This recent staking activity represents Bitmine”s inaugural venture into staking, following months dedicated to accumulating ETH as a treasury asset. The decision to stake such a substantial amount underscores the company”s commitment to integrating staking into its business model.
On-chain analyst Ember_CN noted that this move signals the start of Bitmine”s staking strategy, revealing plans to launch the Made-in-America Validator Network (MAVAN) by the first quarter of 2026.
With approximately 4.06 million ETH now in its possession, Bitmine stands as the largest holder of Ether, further bolstered by a recent acquisition of 98,852 ETH worth around $294 million. Ember_CN suggests that if Bitmine chooses to stake its entire ETH holdings, it could earn roughly 126,800 ETH in interest, translating to about $370 million annually, based on an estimated annual percentage yield (APY) of 3.12%.
Despite this potential income, Bitmine faces an unrealized loss of $3.37 billion, as its average purchase price for ETH was $3,884, while the current market value has dipped below $3,000, with ETH trading at approximately $2,940.
Over the past week, Ethereum has demonstrated volatility, experiencing a decline of nearly 2%, and a significant drop of almost 30% in the past 90 days. This downward trend is compounded by a year-to-date decrease of over 12%.
In contrast, some industry leaders maintain a bullish outlook on ETH. Notably, Bitmine”s CEO, Tom Lee, has predicted that ETH could reach $7,000 by early 2026, citing expected upgrades to the Ethereum network that year, which he believes will kickstart a supercycle for the cryptocurrency.
This investment by Bitmine not only reflects growing confidence in Ethereum but also highlights the strategic shift towards staking within the broader cryptocurrency landscape.
