Bitmine Stakes Record 4.2% of Ethereum Supply

Bitmine has significantly expanded its Ethereum treasury strategy by staking $289.4 million worth of Ether over the past week, according to blockchain analytics platform Arkham.

This allocation pushes Bitmine's staked holdings to an estimated 4.2% of the network's total supply.

The company also purchased another $14.25 million in ETH during the same period, bringing its combined holdings to 4.8% of Ethereum's supply.

Bitmine's approach to accumulating Ether involves both direct purchases and staking, which can generate rewards while reducing the amount available for trading.