Bitmine's Ethereum Staking Bet Now Covers 4.2% of Network Supply

Bitmine has significantly increased its Ethereum (ETH) holdings over the past week, staking $289.4 million worth of ETH and adding to its existing position.

The company's staked position now accounts for an estimated 4.2% of the total Ethereum supply, according to blockchain analytics platform Arkham.

Bitmine also purchased an additional $14.25 million in ETH during this period, bringing its combined holdings to 4.8% of the network's total supply.

This move comes as institutional interest in Ethereum continues to grow, with companies like SharpLink accumulating substantial amounts of ETH.