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BitMine Immersion Technologies staked 86,848 ETH worth approximately $278 million on January 20, bringing its total Ethereum holdings to roughly 1.77 million ETH valued at $5.66 billion, according to on-chain data from Lookonchain.
The move underscores how corporate treasuries are increasingly locking Ethereum into staking contracts at a time when exchange balances have fallen to 16.3 million ETH, the lowest level in years, raising questions about supply availability as institutional adoption accelerates.
BitMine Immersion Technologies, which positions itself as the world’s leading Ethereum treasury company, has consistently expanded its exposure to ETH through both direct purchases and Ethereum staking.
On-chain analytics platform Lookonchain was the first to flag the latest staking activity, reporting on X that the transactions occurred roughly five hours before its public disclosure on January 20.
Beyond the 86,848 ETH recently staked, sources familiar with BitMine’s activity indicate that the firm has continued accumulating Ether despite volatile market conditions.
Reports show the company acquired an additional 24,000 ETH, lifting its total holdings to approximately 4.17 million ETH when combining staked and unstaked balances across affiliated entities.
BitMine Chief Executive Officer Tom Lee described the strategy as central to the company’s long-term positioning in the crypto ecosystem.
“We continue to be the largest ‘fresh money’ buyer of ETH worldwide,” — Tom Lee, CEO, BitMine Immersion Technologies, said in a public statement. “And when MAVAN starts its commercial operations, we will become the biggest staking provider in the entire crypto ecosystem.”
Lee has previously explained that Ethereum staking plays a dual role for BitMine: reinforcing its exposure to Ethereum’s network while also generating yield that can support corporate financing needs.
According to Lee, the firm adopted large-scale Ethereum staking as part of a broader effort to address roughly $4 billion in debt accumulated during earlier phases of market expansion.
The surge in Ethereum staking by treasury-focused firms is coinciding with a measurable decline in ETH balances held on centralized exchanges.
Data from CryptoQuant indicates that only about 16.3 million Ether are currently available on centralized trading platforms, a figure analysts say reflects sustained withdrawals by long-term holders and corporate buyers.
Market researchers argue that Ethereum staking reduces liquid supply by locking tokens into validator contracts, limiting their immediate availability for trading. As more institutions allocate ETH to staking, fewer coins remain accessible to meet spot market demand.
This trend has prompted renewed debate among analysts about potential price implications.
While Ethereum’s price has experienced periods of weakness, including trading below $3,000 during recent drawdowns, the structural reduction in exchange supply has been interpreted by some investors as a supportive long-term signal.
Lookonchain noted that the scale of BitMine’s Ethereum staking alone removes tens of thousands of ETH from active circulation.
Combined with similar strategies by other firms, the cumulative effect has become increasingly difficult for markets to ignore.
BitMine is not alone in embracing Ethereum staking as a core treasury strategy.
Other companies, including Sharplink, The Ether Machine, and ETHZilla, have reportedly established dedicated Ether reserves, signaling a broader shift in how corporations interact with Ethereum as a financial asset.
Industry data suggests that total value locked in Ethereum staking has climbed to a record $118 billion, underscoring the growing appeal of staking yields relative to passive holding.
For treasury managers, staking offers a way to generate on-chain income while maintaining exposure to Ethereum’s long-term network growth.
Despite near-term market instability, BitMine’s leadership has maintained a confident outlook.
Lee has argued that temporary price declines do not undermine the strategic rationale for Ethereum staking, particularly for firms with multi-year investment horizons.
“Even in periods of volatility, staking allows us to put idle ETH to work,” — Tom Lee, CEO, BitMine Immersion Technologies, said previously, emphasizing the firm’s commitment to long-term accumulation.
For crypto investors, the expansion of Ethereum staking among corporate treasuries represents both an opportunity and a risk.
On one hand, reduced liquid supply could amplify price moves if demand accelerates. On the other, increased concentration of ETH among large holders raises questions about market structure and decentralization.
As Ethereum staking continues to attract institutional capital, analysts say its influence on supply dynamics is likely to remain a central theme in Ethereum’s market narrative throughout the year.
