Bitmine staked an additional 167,578 Ethereum (ETH) worth approximately $340M into proof-of-stake contracts on Mar. 31, bringing the firm's total staked position to 3,310,221 ETH valued at roughly $6.72B, as the token tests critical support near $2,000.
Bitmine ETH Staking
The transaction, flagged by Arkham Intelligence, arrived during one of Ethereum's most fragile trading windows. ETH is hovering around $2,000 after breaking down from the $3,000 range in recent months. Exchange supply has been contracting.
Bitmine did not buy new tokens. It locked existing holdings into staking contracts, removing them from circulation entirely.
Staked ETH cannot be sold without first passing through the network's validator exit queue, which introduces withdrawal delays during volatile periods.
The 167,578 ETH deposit is the latest in a series of large staking moves by the company, which is chaired by Fundstrat co-founder Tom Lee.
Also Read: XRP Binance Outflows Near 6,000 Daily Transactions
Ethereum Technical Outlook
ETH is trading in the $2,000–$2,100 region, which now serves as macro support after the recent decline. On the weekly chart, the token has failed to hold above the 50-week and 100-week moving averages. Both indicators are flattening and turning into resistance.
The rejection from the $3,500–$4,000 zone marked a clear loss of bullish momentum. A sharp drop followed, testing the 200-week moving average below $2,000. Price has bounced slightly but remains compressed just above that long-term trendline.
Historically, the 200-week moving average has acted as strong support during corrections. Holding above it would suggest a deep retracement within a broader uptrend. Losing it would signal a structural breakdown with room for extended downside. A reclaim of $2,500 would shift momentum. Sustained weakness below $2,000 would expose lower liquidity zones.
Bitmine Accumulation History
Bitmine has been the most aggressive corporate ETH buyer since late 2025. The company began staking in Dec. 2025, when it deposited 154,176 ETH worth $451M across two transactions on Dec. 27. By the end of that month, its total staked position had reached 408,627 ETH, valued at $1.2B.
The pace accelerated in early 2026. On Jan. 12, Bitmine staked roughly $340M in ETH in a single day.
By Jan. 28, its total staked holdings had reached 2.3M ETH worth approximately $7B. On the acquisition side, the firm bought 45,759 ETH for $91M in Feb. 2026 and then made its largest weekly purchase of the year on Mar. 30, adding 71,179 ETH worth roughly $143M.
Bitmine now holds more than 4.73M ETH — approximately 3.92% of total supply — and is approaching 80% of its stated goal to control 5% of all circulating Ethereum. Among its backers are ARK Invest, Founders Fund, Pantera, and Galaxy Digital.
Bitmine ranks as the world's largest Ethereum treasury and the second-largest crypto treasury overall, behind Strategy (formerly MicroStrategy).
Read Next: Midnight Mainnet Debuts On Cardano With 9 Partners, Including Google Cloud