Bitmine Tops Ethereum Stakings With Additional $340 Million

Bitmine, the world’s largest Ethereum treasury company chaired by vocal crypto advocate Tom Lee, has continued to double down on Ethereum while consistently staking large portions of its holdings.

On Tuesday, March 31, blockchain monitoring platform Lookonchain provided data showcasing another massive Ethereum stake from Bitmine.

Bitmine boosts stakings with 167,578 Ethereum

The data revealed that Bitmine had staked an additional 167,578 $ETH tokens worth about $340 million following its recent Ethereum purchase.

While the firm’s Ethereum treasury has continued to expand, its staked holdings have also increased significantly, as the latest move has brought Bitmine’s total Ethereum stakings to 3,310,221 $ETH. This is worth about $6.72 billion per $ETH’s current market value.

Bitmine executed the entire recent staking in multiple batches of large $ETH tokens in seven separate transactions, even as Ethereum showed decent price stability.

While the large transaction is bullish for Ethereum, it has sparked reactions across the crypto community as many considered the move as a sign of real institutional conviction in Ethereum’s long-term yield.

Apparently, the move has fueled investors’ confidence in Ethereum despite its mixed price action, as many predict it could be preparing for a big move.

Ethereum stabilizes around $2,000

Although Ethereum has continued to show mixed price action amid the broader crypto market fluctuations, institutions like Bitmine have remained resilient on the leading cryptocurrency.

Nonetheless, as the firm continues to pull off big moves, it appears that the move only has little-to-no-influence on the asset’s short-term price performance.

Despite the bullish Ethereum move from Bitmine, the asset has flipped into negative territory, showing a mild decrease of 1.45% while remaining steady at around $2,024.