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ZEC $1,295 Bitmine stakes another 159,728 ETH, lifting staked share to 86.5%
Tom Lee's Bitmine added about $390.6 million of ether to staking, bringing its staked position to 5.23 million ETH.
Key takeaways
- Staked share is 86.5%. Bitmine has committed 86.5% of its ether holdings to staking, according to onchain analysts.
- Rewards estimate near $10 million. Bitmine's new 159,728 ETH should add roughly $10 million a year in rewards at its stated rate.
- Target gap is 63,500 ETH. Bitmine sits about 63,500 ETH short of the 5% supply target Lee has set.
What happened
Bitmine, the ether treasury company led by Tom Lee, staked another 159,728 ETH on Oct. 21. Onchain analysts put the value at about $390.6 million. The deposit took the company's staked position to 5.23 million ETH, valued near $12.78 billion, or 86.5% of its holdings.
The company held 6,041,481 ETH in total as of Oct. 19, after buying 12,535 ETH that week. It had 5,067,309 ETH staked as of Oct. 18. Adding the latest deposit brings the staked figure to about 5.227 million ETH, which matches Lookonchain's count.
Staking locks ether into Ethereum's proof-of-stake system, where validators secure the network and earn rewards. Arkham's Bitmine page tracks the company's labeled wallets, so the moves can be followed closely.
First $2.7KLatest $2.5K-8.5% over the period
Points are daily observations, not closing prices.
Why it matters
Bitmine's staked ether equals roughly 4.9% of ether's 122.1 million circulating supply. That leaves the company about 63,500 ETH short of the 5% target Lee has set.
In an Oct. 19 update, Bitmine estimated annualized staking rewards of about $309 million at its prior staked level. It put the figure at $369 million if the full treasury were staked. At that rate, the new 159,728 ETH alone should add roughly $10 million a year in rewards.
Staked ether is not instantly liquid. Unstaking means joining Ethereum's validator exit queue, which lengthens when many holders try to leave at once. Bitmine is trading faster access for yield. The position also concentrates a large slice of the network's stake under one corporate roof.
Lee blamed the recent crypto dip on AI funding worries, U.S.-Iran tensions, midterm uncertainty and rising bond yields. He said such moments have historically been attractive risk/reward opportunities. Bitcoin.com News also reported that JPMorgan is bringing JPM Coin to Ethereum.
What the data shows
Bitcoin.com News put ether near $2,443 on Oct. 21, up about 1.4% on the day, which values Bitmine's ether at roughly $14.8 billion. U.Today reported ether hovering around $2,450 after a gain of about 2.78% over the last day.
What is still unclear
- Not every institution is leaning in. Vaneck pulled its Lido staked ether ETF before its scheduled launch last week, which the report calls a reminder that wrapping staking yield in regulated products is still an open question.
Questions readers ask
How much ether has Bitmine staked?
Bitmine's staked position reached 5.23 million ETH after it added 159,728 ETH on Oct. 21. That stake was valued near $12.78 billion, or 86.5% of its holdings.
How much is Bitmine's latest staking deposit worth?
The 159,728 ETH deposit was worth about $390.6 million, according to onchain analysts cited in the reports.
How far is Bitmine from its 5% supply target?
Bitmine's staked ether is roughly 4.9% of ether's 122.1 million circulating supply. That leaves it about 63,500 ETH short of the 5% target Lee has set.
What rewards does Bitmine expect from staking?
Bitmine estimated about $309 million in annualized rewards at its prior staked level, or $369 million if the full treasury were staked. The new deposit alone should add roughly $10 million a year.
