Bitmine has crossed a major milestone by staking over 1 million ETH, marking a significant step in its shift from Bitcoin mining to Ethereum-focused treasury strategy.
Key Takeaways
- Bitmine staked 86,400 ETH on January 10, pushing its total staked Ethereum past 1.08 million tokens worth about $3.33 billion.
- The company has now staked over 25% of its Ethereum holdings, generating passive yield at an estimated annual return of $94.4 million.
- Bitmine’s total ETH holdings stand at 4.144 million, accounting for 3.43% of the total Ethereum supply.
- Chairman Tom Lee is also pushing for a 1000x increase in authorized shares, citing the need for future flexibility and possible stock splits.
What Happened?
Bitmine Immersion Technologies staked another 86,400 Ethereum on January 10, 2026, valued at approximately $266.3 million. This latest move pushed Bitmine’s total staked ETH past the 1 million milestone, now sitting at 1,080,512 ETH.
According to on-chain data from Arkham Intelligence and Lookonchain, the ETH was deposited in four separate transactions through a batching method. The staking comes at a time when Ethereum is showing renewed market strength and institutional interest.
JUST IN: 🇺🇸 Tom Lee’s Bitmine bought $75.6 million worth of Ethereum last week.
— Ash Crypto (@AshCrypto) January 12, 2026
They now hold over $13 Billion worth of $ETH. pic.twitter.com/stCblfHsrV
Bitmine’s Bold Ethereum Treasury Strategy
Bitmine’s aggressive staking streak began on December 26, 2025, with an initial $219 million deposit. From there, activity ramped up quickly. By December 28, the company had staked 342,560 ETH worth nearly $1 billion in just two days.
Additional key staking dates include:
- January 4, 2026: Total staked ETH reached 659,219, up by 250,592 ETH in one week.
- January 6: Another $1.46 billion worth of ETH staked.
- January 8: Bitmine staked 99,800 ETH valued at $344.4 million.
- January 10: 86,400 ETH added, totaling over 1.08 million staked.
The staked ETH now accounts for over 25% of Bitmine’s total holdings, signaling a shift from mere accumulation to yield generation. At current staking yields of around 2.81% to 3.12%, the staked ETH could generate between 33,700 to 94,400 ETH per year.
From Bitcoin Mining to Ethereum Power Player
Bitmine began 2025 with zero ETH and has since become one of Ethereum’s largest institutional holders. Chairman Tom Lee, who took over on June 30, 2025, redirected the company’s focus from Bitcoin mining to Ethereum treasury growth.
Key milestones in this transition include:
- July 2025: Announced a second $500 million placement to accelerate Ethereum purchases.
- Mid-August 2025: Reached 1.15 million ETH holdings.
- December 8, 2025: Surpassed 3.86 million ETH.
- December 21, 2025: Broke the 4 million ETH mark, with holdings worth over $12 billion.
- January 4, 2026: Reached 4.143 million ETH, approximately 3.43% of total Ethereum supply.
The company has also made headlines by being one of the largest “fresh money” buyers of Ethereum globally.
Shareholder Moves and Market Context
Amid this aggressive Ethereum push, Bitmine’s stock has plummeted over 80% from its all-time high of $161 in July 2025, now trading around $31.06 per share.
To address future flexibility, Tom Lee has urged shareholders to approve a 1000x increase in authorized shares, from 50 million to 50 billion shares. Lee clarified that this does not mean all shares will be issued but allows for potential stock splits to keep the price per share affordable near the $25 mark.
CoinLaw’s Takeaway
In my experience tracking crypto treasury strategies, few moves have been as bold or as swift as Bitmine’s pivot to Ethereum. They didn’t just dip their toes in; they cannonballed into the deep end. Staking over $3.3 billion in ETH in under a month shows real conviction. While market volatility and shareholder skepticism loom large, Bitmine is banking on Ethereum’s long-term dominance and the passive income it can generate. If ETH continues to gain adoption, Bitmine could emerge as a serious institutional force. But let’s be real. With a stock down 80% and a request to raise authorized shares 1000-fold, the risk appetite here is not for the faint of heart.
