Bitmine has pushed more than 70 percent of its Ether holdings into staking after another large allocation through Coinbase Prime.
The move came after the company staked roughly $320 million worth of ETH over the past 24 hours, extending its treasury strategy built around Ethereum.
The latest activity keeps market focus on Bitmine’s growing role in the Ether market. The company, chaired by Tom Lee, now has about 3.5 million ETH staked, valued at more than $8 billion.
Bitmine moved about 75,600 ETH to Coinbase Prime for staking on Thursday morning, according to on-chain data from Arkham Intelligence. That followed another allocation of more than 61,200 ETH on Wednesday, marking the company’s first major staking batch in about three weeks.
The latest staking wave pushed Bitmine’s staked Ether to about 70.1 percent of its total holdings, based on data flagged by Lookonchain.
The figures show that the company continues to direct a large share of its treasury into yield-generating positions rather than keeping those holdings liquid.
Total Ether holdings move closer to the firm’s target
Lookonchain also said three new wallets likely linked to Bitmine received 100,000 ETH worth about $234 million before Thursday’s staking activity. That part has not been confirmed by Bitmine. Even so, if the wallets are tied to the company, Bitmine’s total Ether holdings would rise to about 5.08 million ETH.
That level would place Bitmine far ahead of other public Ethereum treasury firms. SharpLink holds about 868,699 ETH, which would leave Bitmine with a lead of more than 580 percent over its nearest peer. The company would also control more than 4.1 percent of total Ether supply, bringing it closer to its stated goal of holding 5 percent of the market’s supply.
The latest additions also match Bitmine’s recent pattern. Earlier in the week, the firm was reported to have bought more than 100,000 ETH over the prior week.
Tom Lee said at the time that he sees Ether in the “final stages of the ‘mini-crypto winter.'” That comment came as the company kept increasing both its holdings and the amount of ETH committed to staking.
Bitmine’s strategy stands out because it does not appear built around short-term trading. By staking most of what it holds, the company is putting more emphasis on long-term yield than on near-term selling flexibility. That approach has become a central part of its Ethereum treasury model.
Coinbase Prime leads as MAVAN waits
Bitmine said in March that it planned to migrate its Ether treasury to MAVAN, its in-house staking platform launched last month. That shift has not yet happened in full.
Recent staking allocations are still being routed through Coinbase Prime, showing that the current operating setup remains in place for now.
Once the migration is complete, Bitmine has said it expects annual staking rewards of nearly $300 million, based on a 2.83 percent seven-day yield.
That estimate gives a clearer picture of why the company continues to stake such a large share of its Ether. The model relies not only on ETH price appreciation but also on steady reward generation from locked holdings.
The delayed move to MAVAN leaves an open question about timing, but it has not slowed Bitmine’s activity. The firm has continued to add ETH and expand staking exposure through existing channels. The result is a treasury structure where most of its Ether is already working to generate additional yield.
Ether price stays in focus
Ethereum traded around $2,300 at the time of writing, down about 3.5 percent on the day. Over the past seven days, ETH was also slightly lower, showing that Bitmine’s latest staking move came during a weak short-term price phase rather than during a clear breakout.
BMNR stock has also struggled over the past six months, moving alongside Ethereum’s broader decline. BMNR was trading near $22 on Thursday, down about 55 percent since October and 29 percent year to date.
Crypto analyst Ali Martinez pointed to a level that could shape Ether’s next move. The analyst said Ethereum is testing its Realized Price near $2,340, which represents the average cost basis for all on-chain investors.
According to the analyst, that line has often separated bear market conditions from broader expansion phases.
“Historically, during recovery phases, the Realized Price acts as a distribution wall where investors look to break even,” Ali Martinez noted. “But when this level is successfully turned into a support floor, ETH tends to enter high-conviction expansion phases.”
With ETH trading slightly below that area, the market is now watching whether the asset can reclaim and hold that level.