BitMine Bets Big on Ethereum with $9.38 Billion Staking Move
BitMine, a company led by Tom Lee, has staked 87.4% of its Ethereum holdings in a move that signals a long-term bet on the proof-of-stake network.
The company staked 150,120 ETH worth $278 million through its Made in America Validator Network (MAVAN) platform, lifting its total staked ETH to 5,067,309 tokens, valued at around $9.38 billion.
This move is seen as a commitment to hold the position for years rather than trade around short-term price swings, as staking nearly nine-tenths of its holdings leaves little room to reverse course quickly if sentiment turns.
Chairman Tom Lee has repeatedly framed this buildup as a wager on a multiyear 'supercycle' for Ethereum, which is currently attracting institutional demand as evidenced by recent Ethereum ETF inflows and the company's own stock rally.