Bitmine Stakes $390M in ETH, 86.5% of 6.04M Treasury Locked

Bitmine staked another 159,728 ETH worth about $390.6 million on October 21, taking total staked ETH to 5.23 million, 86.5% of a 6.04 million ETH treasury.

Bitmine Immersion Technologies staked another 159,728 ETH worth about $390.6 million on 21 October, on-chain data tracked by Lookonchain shows, lifting the Tom Lee-chaired company’s total staked holdings to 5.23 million ETH.

Lookonchain’s on-chain figures put the total staked position at roughly $12.78 billion, or 86.5% of Bitmine’s entire Ethereum treasury. The company now holds approximately 6.04 million ETH, reportedly close to 4.9% of Ethereum’s total supply. Bitmine itself has not posted the figures; they rest on the on-chain labelling of its wallets.

Bitmine has been buying Ethereum every week toward its stated goal of owning 5% of total supply, and at 4.9% it sits within reach of that mark. Its earlier 8-K filing showed the pace of the ETH purchases and a $13.2 billion treasury as the accumulation accelerated.

Staking that much of the pile also removes it from circulating supply. Locked ETH earns yield on the network and is not available to sell, so 86.5% of a 6.04 million ETH treasury is effectively out of the tradable float.

The staking move lands after several weeks of steep volatility. Ethereum was trading around $2,450 on 21 October, up about 2.78% over the previous day. The year has not been kind to the position on paper: earlier in 2026, when ETH broke below $2,000, the treasury was reported underwater by $6-8 billion. Bitmine kept buying through those weeks, and Lee has argued publicly that Ethereum is priced well below its long-term value, as in his case that Ethereum is deeply undervalued.

The continued accumulation reads as a signal of institutional confidence in Ethereum despite the market conditions, and the market is watching whether ETH can break the $2,600 level. The dollar values attached to the treasury move with the price and were calculated at 21 October levels.