BitMine Adds 82,560 ETH Worth $259M, Institutional Investors Surge into Staking
Written by Ohris M. Greyoon, Blockchain & Crypto Expert
- Staking Expansion: BitMine Immersion Technologies has recently added 82,560 ETH valued at approximately $259 million, bringing its total staked ETH to over 544,000, worth around $1.62 billion, highlighting the growing institutional interest in staking Ethereum, which is driving increased network activity and validator queue congestion.
- Surge in Validator Queue: The Ethereum validator queue is nearing 977,000 ETH, with an estimated wait time of about 17 days for new validators to gain approval, and despite modest exit activity, this congestion typically correlates with price increases, leading analysts to predict a bullish trend ahead.
- Optimistic Market Outlook: BitMine's chairman Tom Lee has proposed expanding the company's authorized shares to 50 billion to facilitate potential stock splits amid rising ETH prices, modeling scenarios where ETH could reach $250,000 if Bitcoin hits $1 million, potentially driving BitMine's share price into new heights.
- Strategic Positioning: BitMine plans to initiate ETH staking through its Made-in-America Validator Network (MAVAN) targeting early 2026, having selected three institutional staking providers for an initial pilot phase to evaluate performance and security, thereby laying the groundwork for future staking activity expansion.
About the author
Ohris M. Greyoon
Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.
