Tom Lee’s BitMine Immersion Technologies has finally staked 87.9% of its total holdings. According to on-chain data, BitMine has staked an additional 190,800 ETH worth $451 million.
With this move, the largest Ethereum [ETH] Digital Assets Treasury (DAT) total staked ETH has reached 4,553,557 ETH, worth $10.77 billion.
By the end of April, the firm had already staked 77.2% of its overall ETH holdings, and in the first week of May, it crossed 87%.
On the other hand, the total ETH holding of BitMine has already reached 5,180,131 ETH, worth $12.28 billion. This took place following the addition of 101,745 ETH on the 4th of May.
Though Ethereum makes up 99.9% of the company’s treasury, it also has 198 BTC, which is worth $15.97 million.
Is Ethereum staking stable after the April drop?
The Ethereum validator queue activity over the past 30 days further shows that the demand for staking is increasing.
This was in the context of the number of validators waiting to join the network instead of those waiting to leave.
Additionally, the Supply Staked chart by the Validator Queue further indicated that Ethereum staking is resilient even in the face of temporary outflows.
Despite a severe April shock, Ethereum staking rapidly stabilized, indicating high demand for validators.
Market dynamics
This coincided with BMNR stock price trading at $22.79, up by 4.16%. Nonetheless, a 16% decline in the stock price so far this year is raising concerns.
At the same time, ETH was trading at $2,369.76 after a hike of over 3% in the past week and a jump of over 15% in the past month.
BTC DATs vs. ETH DATs
That said, ETH DATs are giving their best following the rise of Bitcoin [BTC] DATs. However, there is a significant disparity between the two: ETH DATs are only $16.98 billion, while BTC DATs have reached $149.067 billion.
This suggests that there is still a lot of work to be done before Ethereum reaches the level that Bitcoin has reached.
Furthermore, ETH ETFs, which have recorded $12 billion in returns since launch, further reinforced this sentiment.
Final Summary
- BitMine’s staking strategy is finally paying off as it reaches $10 billion after an additional 190,800 ETH being locked in yield.
- The stock price action of BitMine is positive in the short term, but long-term data raises eyebrows.
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