Crypto
BitMine Stakes Record Amount in Ethereum
BitMine Immersion Technologies (NYSE: BMNR) has increased its staked Ethereum ratio to 87.4% after depositing an additional 150,120 ETH ($278 million) into validator infrastructure on August 4.
The company's total staked position now stands at 5,067,309 ETH, worth around $9.38 billion at current prices.
This move comes just two days after BitMine disclosed that it had 4,917,189 ETH staked, representing 84.8% of its then-5,797,813 ETH treasury.
The company's shift towards staking is driven by the fact that it now generates $45.7 million in revenue from staking, accounting for nearly all of its quarterly earnings.