Bitmine Dominates Ethereum Staking: 70% Locked, Price Surge Ahead?

BitMine Immersion Technologies staked exactly 3.5 million ETH—70.1 percent of its holdings—as of April 23, 2026 at 13:48 EDT on Coinbase Prime, according to Arkham Intelligence and Lookonchain data. That action followed a $320 million push in ETH into staking, reducing liquid supply and tightening market dynamics. The move came after a week in which BitMine acquired over 100,000 ETH, bringing its total holdings to just under 5 million ETH—about 4.1 percent of the global supply—per The Block and Cointelegraph. The catalyst: BitMine’s aggressive accumulation and staking strategy is reshaping Ethereum’s supply-demand balance.

Staked Ratio Hits 74.4 %, Highest Since Early April

BitMine’s staked Ethereum climbed to 3,701,589 ETH—74.38 percent of its total treasury—as of April 25, 2026 at 11:59 UTC, up from roughly 70 percent just days earlier. Lookonchain flagged the move via Coinbase Prime, citing Arkham Intelligence data. That’s the highest staked ratio since early April, when BitMine first crossed the 70 percent threshold. The jump tightens effective circulating supply and reinforces bullish sentiment. “More ETH is locked to earn yield, which can tighten effective circulating supply and reduce immediate sell pressure,” analysts at SignalPlus noted. The staking surge signals long-term conviction rather than short-term speculation.

Follow‑the‑money: staking yield at a 2.8–2.9 percent annual rate on 3.7 million ETH generates roughly $100–110 million in annual revenue. That benefits BitMine’s bottom line. Conversely, leveraged short traders face rising funding costs and reduced liquidity, increasing their risk of squeeze.

Why April 23 Accumulation Triggered Staking Surge and Market Reaction

On April 23, 2026 at 13:48 EDT, BitMine staked approximately $320 million worth of ETH—75,600 ETH moved Wednesday and 61,200 ETH on Thursday—via Coinbase Prime, per Arkham Intelligence and Lookonchain. That triggered a sharp rise in staking ratio and market attention. Tom Lee, BitMine’s chairman, said in a statement that the “mini‑crypto winter” for Ethereum is ending and that the pullback presented an “attractive accumulation opportunity.” The staking surge followed a week in which BitMine bought over 100,000 ETH, pushing its holdings to nearly 5 million ETH (4.1 percent of supply). The causal chain is clear: accumulation enabled staking, which reduced liquid supply and reinforced bullish sentiment.

Holdings at 4.1 % While Staked Ratio Surges to 74 %

BitMine now controls over 4.1 percent of Ethereum’s total supply—approximately 5 million ETH—as of late April 2026, while staking 74 percent of its holdings. The Block reported the 4.1 percent figure on April 23, 2026, while SignalPlus confirmed the 74.38 percent staking ratio on April 25, 2026. That divergence—high ownership and high staking—means BitMine holds a large share of ETH while locking most of it away. It tightens supply further than ownership alone would suggest. The combination amplifies scarcity and could support price upside if demand holds steady.

Can Ethereum’s Price Rally Sustain When BitMine Holds 5 % and Stakes Most of It?

Bull case: Tom Lee and BitMine argue that Ethereum is nearing the end of its “mini‑crypto winter” and that staking and accumulation reflect deep conviction. If BitMine reaches its 5 percent target—roughly 6 million ETH—it could create a scarcity-driven rally. Lee has compared ETH’s pattern to past equity drawdowns, suggesting a bottom may already be in. He also cites growing demand from tokenization and AI use cases. Bear case: concentration raises centralization and liquidity concerns. A single large holder controlling 5 percent and staking most of it could destabilize DeFi markets and amplify volatility. My view: if BitMine continues steady accumulation and staking, price could rally toward resistance zones near $2,600–$2,800. But any pause or unwind in staking could reintroduce supply pressure and trigger sharp corrections.