Bitmine Re-Stakes 49,088 ETH, Worth $152.7 Million

Bitmine Immersion Technologies staked 49,088 ETH, valued at $152.7 million, in less than 48 hours during early January 2026. This move added to Ethereum's already growing validator entry queue and reinforced Bitmine's strategy of long-term Ethereum accumulation. The company currently holds over 4.1 million ETH, representing 3.41% of the total supply.

The validator entry queue for Ethereum has grown to 12 days and 20 hours, with 739,824 ETH waiting to be staked. In contrast, the exit queue stands at six days and two hours, with 349,867 ETH pending unstaking. This is the first time in months that the entry queue has nearly doubled the exit queue, a pattern that historically has preceded ETH price rallies.

Bitmine's staking activity contributes to a broader trend of institutional Ethereum accumulation. The company's staking strategy involves locking up Ether through multiple providers, with its proprietary staking infrastructure—MAVAN—set to launch in early 2026. At scale, Bitmine's staking operations could generate over $374 million in annual fees.

Why Did This Happen?

Bitmine has consistently positioned itself as a net buyer of Ethereum, particularly during periods of market consolidation. In late 2025, as year-end tax-loss selling depressed Ethereum prices, the company continued to add ETH to its treasury. In December alone, it acquired over 407,000 ETH.

The company's chairman, Tom Lee, has emphasized its goal of acquiring 5% of Ethereum's total supply. At current prices, this would represent around 6.035 million ETH, or approximately $17.8 billion.

How Did Markets React?

Ethereum's price has remained range-bound near $2,975, failing to break above $3,000 for most of December 2025. However, improved on-chain sentiment suggests that long-term holders are accumulating rather than selling. ETH ETF inflows in December reversed weeks of outflows, signaling renewed institutional interest.

Despite the lack of a clear price breakout, several analysts have noted bullish on-chain signals. The Ethereum validator entry queue exceeding the exit queue is seen as a leading indicator of reduced selling pressure. This dynamic was previously observed in June 2025, when ETH doubled in value within weeks.

What Are Analysts Watching Next?

Analysts are closely monitoring Ethereum's staking dynamics and regulatory developments. The SEC's decision on ETH ETFs, expected in November 2025, remains a key uncertainty. Approval could unlock billions in new demand, particularly if staking-enabled ETFs are allowed.

Meanwhile, Ethereum's upcoming protocol upgrades—Fusaka (Dec 2025) and Hegota (2026)—aim to enhance scalability but also raise concerns about staking centralization. These upgrades could impact validator profits and influence Ethereum's price trajectory according to analysts.

Bitmine's accumulation strategy, combined with broader institutional demand, suggests that Ethereum's supply dynamics are shifting. As more ETH is locked in staking, the circulating supply shrinks, potentially amplifying the impact of modest demand increases.

Ethereum's technical indicators also suggest a potential breakout. ETH has formed an ascending triangle pattern on daily charts, with a potential target of $3,700 if it breaks resistance. Traders are watching whether $3,000 holds as support or gives way to a deeper correction.

Bitmine's aggressive staking and treasury strategy highlight the growing importance of corporate Ethereum holders in shaping market sentiment. With over $13.2 billion in crypto and cash, the company has positioned itself as a key player in the Ethereum ecosystem.