Ethereum treasury firm Bitmine has deposited 74,880 ETH worth $219 million into Ethereum's proof-of-stake system, marking its first staking activity.
The world's largest public Ethereum treasury holder initiated staking operations this week after accumulating over 4 million ETH without generating yield.
Bitmine now holds approximately 3.37% of Ethereum's total supply, valued at $11.9 billion at current prices.
The company aims to eventually control 5% of all circulating ETH.
What Happened
On-chain data from Arkham Intelligence shows multiple Bitmine-linked wallets transferred ETH to a contract labeled "BatchDeposit" on Sunday.
The 74,880 ETH deposit represents the company's first move into staking after months of passive accumulation.
Bitmine confirmed on Dec. 21 that its holdings reached 4,066,062 ETH following a week of aggressive buying.
The company added 98,852 ETH over seven days at an average price of $2,991 per token.
At Ethereum's current staking yield of approximately 3.12%, Bitmine could generate roughly $371 million in annual ETH rewards if it stakes its entire treasury.
Chairman Tom Lee stated the company continues making progress on its Made in America Validator Network (MAVAN), planned for deployment in early 2026.
MAVAN will serve as Bitmine's proprietary staking infrastructure, converting passive holdings into yield-generating assets.
The company announced in November it selected three institutional staking providers for a pilot program testing performance and security before scaling operations.
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Why It Matters
Bitmine's entry into staking represents one of the largest first-time institutional staking initiatives in Ethereum's history.
The move shifts the company's strategy from relying solely on ETH price appreciation to generating operational income from network participation.
This approach addresses investor concerns about Bitmine's unrealized losses, estimated between $3.5 billion and $4.2 billion as ETH trades below $3,000.
The company's stock (BMNR) has risen over 600% since launching its Ethereum treasury strategy in June 2025.
Yet shares trade at approximately 0.80x book value, a 20% discount to net asset value.
Bitmine's aggressive accumulation raises questions about market concentration.
Its 3.37% supply ownership makes it one of the most powerful individual stakeholders in Ethereum's ecosystem.
The company disclosed total crypto and cash holdings of $13.2 billion as of Dec. 21, positioning it as the world's second-largest digital asset treasury behind Strategy's Bitcoin holdings.
Ethereum trades near $2,928, down 1% over 24 hours, as markets await catalysts for renewed price momentum.