BitMine stakes 259M in Ethereum, expanding its presence in the network’s staking system amid growing institutional demand.
The move has intensified congestion in Ethereum’s validator entry queue and extended activation delays for new participants.
BitMine Immersion Technologies confirmed it staked an additional 82,560 Ether, valued at about 259 million dollars. This raised the firm’s total staked Ether to roughly 1.62 billion dollars at current market prices. On-chain data providers observed multiple large deposits linked to BitMine sent to Ethereum’s BatchDeposit contract within hours.
Ethereum validator queue sees sharp congestion
The latest deposits pushed Ethereum’s validator entry queue close to 1 million ETH. Blockchain data shows the queue reached about 977,000 ETH following BitMine’s staking activity. As a result, new validators now face an estimated wait time of around 17 days before activation.
Analysts noted that exit activity remains limited compared to entry demand. Slightly more than 113,000 ETH is currently waiting to exit the network. This imbalance continues to support longer activation delays for new validators.
Network data indicates that more than 35.5 million ETH is now staked. This represents roughly 29 percent of Ethereum’s circulating supply. The annual staking yield currently stands near 2.54 percent, reflecting increased participation across the network.
Abdul Rehman, Head of DeFi at the Monad Foundation, commented on the trend in a recent X post. He noted that similar queue changes in June preceded a sharp rise in Ether’s price. Rehman also suggested that 2026 could be a strong year for the asset.
BitMine advances internal staking strategy
BitMine began the latest staking phase on December 26, 2025. The company transferred nearly 219 million dollars in ETH into Ethereum staking-related contracts. This action followed earlier guidance shared in November.
The firm had stated it planned to begin Ether staking in the first quarter of 2026. It also confirmed that staking operations would rely on its internal Made in America Validator Network. BitMine selected three institutional staking providers for a pilot program.
Sources familiar with the plan said the initial deployment was limited in size. The goal was to assess performance, security, and reliability. The company later expanded its commitment after internal evaluations.
Share expansion proposal follows staking move
BitMine’s staking expansion coincided with a proposal from Chairman Tom Lee. He urged shareholders to approve an increase in authorized shares to about 50 billion. Lee said the measure would support future stock splits if Ether prices rise.
Lee stated that BitMine’s stock tends to track Ether’s price movements. He outlined scenarios where Ether could reach 250,000 dollars if Bitcoin climbs near 1 million dollars. Under such conditions, he said BitMine shares could become less accessible to retail investors.
The combination of aggressive staking and corporate restructuring signals BitMine’s long-term bet on Ethereum. Institutional staking demand continues to reshape validator dynamics, with broader market implications still unfolding.
