BitMine Expands Ethereum Holdings as ETH Staking Surpasses 50% of Total Supply

BitMine has strengthened its Ethereum holdings with a fresh purchase of 20,000 ETH, valued at approximately $39.8 million, according to on-chain data from Lookonchain. The acquisition, transferred from BitGo, follows the company’s recent disclosure that it accumulated 45,759 ETH last week. With this latest buy, the Nasdaq-listed firm, associated with Tom Lee, has reportedly reached 72% of its ambitious goal to control 5% of Ethereum’s total supply.

The aggressive Ethereum accumulation strategy comes at a pivotal time for the market. At the time of writing, Ethereum (ETH) is trading near $1,972, reflecting a modest 1% increase over the past 24 hours. However, ETH remains down more than 38% over the past month, highlighting ongoing volatility in the broader crypto market. Analysts note that liquidity clusters are currently balanced, with both long and short traders positioned heavily. This setup increases the likelihood of potential liquidations in either direction, depending on price momentum.

Meanwhile, Ethereum staking has reached a historic milestone. Data from Santiment shows that more than 50% of all historically issued ETH—approximately 50.18%—is now locked in Ethereum’s proof-of-stake contract. This marks the first time in the network’s 11-year history that staking has surpassed half of total issuance. Staked ETH is effectively removed from active circulation, reducing liquid supply and potentially influencing price dynamics. Estimates suggest that roughly 120 million ETH currently exist, though figures vary depending on whether pre-burn or post-burn supply metrics are used.

Everstake confirmed similar findings, emphasizing that reduced circulating supply can limit trading activity, especially during bear market conditions when staking participation often increases. Despite mixed market signals, including negative 30-day realized cap flows reported by analyst Chris Beamish, Ethereum spot ETFs recorded $48.63 million in net inflows, with no outflows across nine funds.