Ethereum treasury company BitMine crosses 1 million staked ETH milestone

BitMine Immersion Technologies reaches 1 million ETH staked milestone

Crypto treasury company BitMine Immersion Technologies (BMNR) has crossed the 1 million staked Ethereum (ETH) milestone, according to on-chain data. The company staked an additional 86,400 ETH on Saturday, pushing its total staked balance past the 1 million mark, with the value estimated at around $268.7 million.

Establishes dominant position in Ethereum ecosystem

BitMine has solidified its leading position in the Ethereum ecosystem, becoming one of the largest ETH stakers. It is reported to hold over 4 million ETH in its corporate treasury, making it the largest Ethereum treasury company by holdings.

Background and strategic shift

Previously focused on Bitcoin mining, BitMine pivoted its strategy last year to shift entirely to Ethereum staking. This transition has positioned it as a key player in the Ethereum ecosystem, attracting institutional interest due to its significant yield and long-term commitment to the network.

Additional developments

• BitMine staked 1.77 million ETH in a later update, with total holdings valued at $5.6 billion, indicating continued expansion in staking activities.
• BitMine became the first ETH treasury company to cross the 1 million ETH milestone, highlighting its leadership in the space.
• Multiple sources, including CoinMarketCap, MEXC, and Yahoo Finance, confirm the milestone and provide on-chain data validation.

For more details, see the original article on Cointelegraph.