Tom Lee’s BitMine Immersion Technologies ultimately invested 87.9% of its total holdings. According to on-chain data, BitMine staked an additional 190,800 ETH worth $451 million.
With this move, the largest total ETH staked by Ethereum (ETH) Digital Assets Treasury (DAT) reached 4,553,557 ETH, worth $10.77 billion.
By the end of April, the company had already staked 77.2% of its overall ETH holdings, and in the first week of May it exceeded 87%.
On the other hand, BitMine’s total ETH holding has already reached 5,180,131 ETH, worth $12.28 billion. This took place following the addition of 101,745 ETH on May 4.
Although Ethereum represents 99.9% of the company’s treasury, it also owns 198 BTC, worth $15.97 million.
Is Ethereum Staking Stable After April Drop?
Ethereum validator queue activity over the past 30 days further shows that staking demand is increasing.
This was in the context of the number of validators waiting to join the network instead of those waiting to leave.
Additionally, Validator Queue’s Supply Stakes chart further indicates that Ethereum staking is resilient even in the face of temporary outflows.
Despite a severe shock in April, Ethereum staking quickly stabilized, indicating strong demand for validators.
Market dynamics
This coincided with the BMNR stock price at $22.79, up 4.16%. Still, a 16% decline in stock prices since the start of the year raises concerns.
At the same time, ETH was trading at $2,369.76 after rising more than 3% last week and jumping more than 15% last month.
DAT BTC vs DAT ETH
That said, ETH DATs are doing their best following the rise of Bitcoin (BTC) DATs. However, there is a significant disparity between the two: ETH DATs are worth just $16.98 billion, while BTC DATs have reached $149.067 billion.
This suggests that there is still a lot of work to be done before Ethereum reaches the level reached by Bitcoin.
Additionally, ETH ETFs, which have seen $12 billion in returns since their launch, further reinforced this sentiment.
Final Summary
- BitMine’s staking strategy is finally paying off as it hits $10 billion after an additional 190,800 ETH was locked in yield.
- BitMine stock price performance is positive in the short term, but the long-term data raises eyebrows.
