Bitmine has once again committed Ethereum to staking. The crypto investment entity affiliated with Fundstrat analyst Tom Lee locked an additional 159,728 ETH into validator contracts, with the transaction valued at approximately $390.6 million at execution.
The move immediately shifted the balance of Bitmine’s digital asset portfolio. Most of its coin holdings have moved from exchange wallets to the network’s consensus system, leaving a much smaller portion in the liquid market.
86.5% of Reserves Locked in Validators
The 159,728 ETH deposit brings Bitmine’s total staked Ethereum holdings to 5.23 million ETH. Based on market prices at the time of the transaction, the entire balance now locked in validators carries a valuation of $12.78 billion.
The 5.23 million staked ETH represents 86.5% of Bitmine’s total Ethereum reserves. Across the entity’s managed portfolio, the remaining share of assets outside staking contracts stands at just 13.5%.
Ongoing Accumulation Since October 19
On October 19, 2026, Bitmine bought 12,535 ETH from the open market in a purchase valued at $30 million. Deploying these coins to validator contracts represents a direct continuation of that buying spree.
On a global scale, the Tom Lee-led investment firm controls roughly 4.9% of Ethereum’s total circulating supply worldwide. The series of closely spaced transactions underscores Bitmine’s ongoing accumulation within the crypto ecosystem.
Liquid Supply Shrinks Around $2,450
Transferring 86.5% of its assets to validator staking contracts has sharply reduced Bitmine’s liquid supply in the spot market. Coins placed into staking contracts no longer circulate as active supply ready for immediate trading on crypto exchanges.
In the spot market, the drying up of liquid supply from an entity controlling 4.9% of global supply comes as Ethereum’s price consolidates around $2,450. This withdrawal of active supply from exchange circulation is occurring while ETH’s open-market price action remains range-bound without sharp spikes.
For market participants tracking price dynamics around $2,450, Bitmine’s shrinking liquidity alters the landscape of readily available coins on spot markets. With 86.5% of reserves locked in validators, the entity’s remaining liquid supply accounts for only 13.5% of its total holdings.
Reported by @lookonchain on X.
Also read: How Crypto Staking Works and Its Risks
Previously: Bitmine Adds 12,535 ETH During Market Downturn - Now Controls 4.9% of Global Ethereum Supply
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
