Ethereum's Record Staked Supply Masks Hidden Exit Risk

Ethereum's staked supply has reached an all-time high of 33.33%.

This is seen as a confidence signal by many, but it also represents a growing pool of validators locked into a queue-dependent exit mechanism where one entity's financing structure can make the exit more painful for everyone.

Bitmine has been accumulating and staking ETH throughout 2025-26 and now holds close to 5% of total ETH supply and accounts for approximately 12% of total supply staked, operating at an 85% utilization rate.

The firm has issued preferred stock carrying a 9.5% annual fixed dividend paid out weekly, which introduces a recurring, non-discretionary cash obligation that could lead to a significant surge in the exit queue if Bitmine is forced to liquidate its ETH holdings.