Just like Michael Saylor’s Strategy, Tom Lee’s Bitmine Immersion Technologies is showing no signs of slowing down. According to on-chain data from Arkham Intelligence, Bitmine recently locked around $508 million worth of ETH, adding to its already massive holdings.
The firm now holds a significant share of the network’s staked supply, impacting ETH’s available supply.
Arkham transaction data shows that six large transfers were made from Bitmine-linked wallets to Coinbase Prime staking addresses over the last day. The transactions included multiple ETH deposits worth tens of millions of dollars each.
Some of the largest transfers were worth around $73 million, $69 million, $65 million, and $52 million. Combined, the recent batch of transactions totaled roughly $508 million in Ethereum staking activity.
This suggests Bitmine is still aggressively expanding its long-term Ethereum strategy instead of slowing down.
Reports suggest that Bitmine has now accumulated more than 4 million ETH, valued at roughly $9.3 billion. This places the firm among the largest institutional holders of Ethereum.
Even more notable is its dominance in staking. Bitmine now controls about 10.5% of all staked ETH.
In total, its holdings represent over 4% of Ethereum’s entire supply, which stands near 120 million ETH.
In less than a year, Bitmine has built this position at a fast pace. Reports suggest the firm accumulated over 5 million ETH within 10 months as part of a long-term target to hold a significant share of total supply.
However, X users say “that’s NOT good for eth. Too much supply in one hand makes other investors choose other investments.”
Despite holding large unrealized losses estimated at over $6 billion, the firm continues to increase its exposure.
As of now, EThreum price is trading around $2304 relfecitng a rise of 1.7% with a market cap hitting $278 billion. Meanwhile, on April 30, U.S. spot Bitcoin ETFs recorded total net inflows of $14.76 million, marking their first positive day after three straight sessions of outflows.
At the same time, spot Ethereum ETFs saw net outflows of $23.7 million, extending their losing streak to four consecutive days.
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