BitMine’s $259M ETH Stake Pushes Ethereum Validator Queue Toward 1 Million Ether
BitMine Immersion Technologies has added another major tranche of Ether to Ethereum’s staking system, depositing 82,560 ETH worth about $259 million. The move significantly increases congestion in Ethereum’s validator entry queue, highlighting growing institutional demand for staking yield.
Onchain data from Arkham shows multiple large deposits sent to Ethereum’s BatchDeposit contract over a short period. Following this latest transaction, BitMine’s total staked Ether has reached 544,064 ETH, valued at roughly $1.62 billion at current prices, according to Lookonchain.
The company began staking Ether in late December, initially transferring nearly $219 million worth of ETH to staking-related contracts. BitMine has previously outlined plans to expand its staking operations using its internal Made-in-America Validator Network (MAVAN), with institutional staking partners selected to test performance, security, and operational reliability before a broader rollout.
Ethereum Validator Entry Queue Nears 1 Million ETH
BitMine’s aggressive staking activity has helped push Ethereum’s validator entry queue to approximately 977,000 ETH. At current conditions, new validators face an estimated wait time of nearly 17 days before becoming active on the network.
In contrast, exit activity remains relatively low. Just over 113,000 ETH is currently queued for withdrawal, signaling that most stakers are choosing to remain locked in rather than exit. Network data shows that more than 35.5 million ETH—around 29% of Ethereum’s total supply—is now staked, while the annualized staking yield sits near 2.54%.
Some market observers see the imbalance between entry and exit queues as a bullish signal. Abdul, head of DeFi at layer-1 blockchain Monad, recently noted that a similar queue flip in June preceded a sharp rise in Ether’s price, suggesting that long-term dynamics could again favor ETH.
Tom Lee’s Long-Term ETH Vision and BitMine’s Strategy
Tom Lee, chairman of BitMine, has tied the company’s valuation closely to Ether’s long-term price potential. He has urged shareholders to approve a significant increase in BitMine’s authorized share count to 50 billion, arguing it would allow for future stock splits if ETH appreciation drives the company’s share price higher.
Lee has modeled scenarios where Ether reaches $250,000 in the event Bitcoin climbs to $1 million, a move he believes could push BitMine’s share price beyond the reach of many retail investors. As institutional staking continues to grow and more ETH is locked into validators, BitMine’s strategy positions it as one of the most prominent corporate players in Ethereum’s staking ecosystem.
