Key notes
- BitMine Immersion Technologies staked 342,560 ETH (approximately $1 billion) over a 48-hour period.
- The company’s total Ethereum holdings now exceed 4.1 million ETH, or 3.41% of the total circulating supply.
- The Ethereum validator’s input queue has expanded to over 12 days, nearly double the size of the output queue, for the first time in six months.
BitMine Immersion Technologies (NYSE: BMNR), chaired by Tom Lee, staked approximately $1 billion worth of Ethereum
ETH
$2,933
24h volatility:
0.0%
Market capitalization:
$353.48 billion
Flight. 24h:
$28.46 billion
depositing 342,560 ETH in a 48 hour period.
The move exacerbates concerns about a potential ETH supply shock as institutional accumulation accelerates.
Tom Lee(@fundstrat) #Bitmin keep moving $ETH in staking.
Over the last 2 days, #Bitmin bet 342,560 $ETH($1 billion). pic.twitter.com/0Y9XBShQzI
– Lookonchain (@lookonchain) December 28, 2025
This aggressive staking has had a direct impact on network dynamics. For the first time in six months, the Ethereum validator input queue has almost doubled the size of the output queue.
The current wait time for new validators to begin staking is estimated to be over 12 days, with over 735,000 ETH awaiting activation.
In contrast, the release queue contains around 344,000 ETH with a waiting time of around six days.
According to its latest disclosures, Bitmine’s total holdings now exceed 4.1 million ETH, representing 3.41% of Ethereum’s total circulating supply. The company’s stated goal, nicknamed “the alchemy of 5%”, is to acquire 5% of all ETH.
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Bitmine is currently working with 3 staking providers as the company prepares to unveil its commercial MAVAN (Made in America VAlidator Network) in 2026.As of December 28, 2025, the total ETH staked by Bitmine stood at 408,627 ($1.2 billion at $2,948 per ETH).
– It’s a…– Bitmine (NYSE-BMNR) $ETH (@BitMNR) December 29, 2025
Bitmine President Tom Lee presented the buildup as a strategic maneuver taking advantage of market conditions.
At the time of writing, ETH is trading near $2,931, up 0.63% in the last 24 hours. Bitmine’s total crypto and liquidity reserves are now valued at $13.2 billion.
Bitmine’s Massive Ethereum Stake Signals Long-Term Yield Strategy
By staking such a large volume, Bitmine treats ETH not as a speculative instrument but as a capital asset to generate returns.
This action removes a substantial amount of liquid ETH from exchanges, creating a potential supply squeeze.
Trading desks must now take into account the growing influence of large corporate single treasuries on validator wait times and their direct impact on available float.
The development of Bitmine’s proprietary “Made in America Validator Network” (MAVAN) further demonstrates a long-term commitment to this strategy, potentially forcing other institutional players to accelerate their own staking plans to avoid being left behind.
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Hamza is an experienced crypto editor/writer with a deep understanding of blockchain technology, cryptocurrency markets and digital finance. He is passionate about making complex topics accessible and helping readers navigate the rapidly evolving world of crypto.
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