Bitmine le taux de staking d'Ethereum dépasse 70 % : 320 millions de dollars de flux de capitaux stimulent la mise à niveau de la structure de staking ETH

Ethereum’s largest corporate holder, Bitmine, is once again expanding its staking footprint. On-chain data shows that the company transferred approximately $320 million worth of Ethereum into staking addresses in the past 24 hours, pushing its ETH staking ratio above the 70% threshold for the first time. This move not only sets a new record for enterprise-level Ethereum holdings in staking but also sparks widespread discussion in the market about Ethereum’s staking economic model, concentration risks, and institutional strategic intentions.

$320 million on-chain transfer

According to Arkham Intelligence’s on-chain data, on Thursday morning (Eastern Time), Bitmine transferred about 75,600 ETH to Coinbase Prime for staking. Prior to this, on Wednesday, over 61,200 ETH had completed similar operations — marking the company’s first staking activity in nearly three weeks.

The blockchain analytics platform Lookonchain monitored and confirmed the above movements. Data indicates that Bitmine’s total staked Ethereum has now reached approximately 3.5 million ETH, valued at about $8.1 billion at current market prices. This scale accounts for roughly 70.1% of the company’s total Ethereum holdings.

As of April 24, 2026, Gate’s market data shows Ethereum trading at $2,309.13, down 0.55% over the past 24 hours, with a trading volume of $285.9 million. Ethereum’s market cap is approximately $275.69 billion, representing 10.41% of the total crypto market capitalization.

Notably, Lookonchain further pointed out that before Thursday’s staking operation, three suspected wallets linked to Bitmine received about 100,000 ETH, worth approximately $2.34 billion. If this information is accurate and included in the total holdings, Bitmine’s Ethereum holdings would rise to about 5.08 million ETH, surpassing the second-largest holder, SharpLink, which holds 868,699 ETH by over 580%. The company’s total supply control would increase to over 4.1%, just a step away from its 5% target.

Exploring staking pathways: Coinbase Prime and MAVAN running in parallel

Although Bitmine announced in March this year its plan to migrate all Ethereum treasury assets to its self-built on-chain staking platform MAVAN, recent operations show that new batches of ETH are still routed through Coinbase Prime for staking.

This “dual-track” transition warrants scrutiny. MAVAN platform was officially launched last month, positioned as the infrastructure layer within the Ethereum ecosystem for Bitmine. The company previously estimated that once the migration is complete, with a 2.83% seven-day annualized yield, the annual staking revenue could approach $300 million.

In reality, switching the institutional-grade staking infrastructure is not a simple address change. From compliant custody, private key management, to risk hedging against penalties, each link requires rigorous internal audits and stress testing. Currently, Coinbase Prime still handles the actual staking channels, indicating that full deployment of MAVAN is still in a gradual rollout phase.

Decoding strategic intentions: Why increase staking now

Bitmine’s increased staking is not an isolated event. Reports this Monday indicated that the company had purchased over 100,000 ETH in the previous week. Bitmine Chairman Tom Lee publicly stated that he believes Ethereum is in the “final stage of a mini crypto winter.”

From a holdings strategy perspective, this series of actions presents a clear “accumulate—stake—reinvest earnings” cycle. During periods of deep price correction, converting idle assets into income-generating assets can effectively hedge holding costs and generate dual benefits when market sentiment improves.

Some analysts view this move as a signal of institutional confidence in Ethereum’s long-term value. However, there are also concerns that locking over 70% of holdings into staking contracts introduces concentration risks at the liquidity layer. In the event of sudden market volatility or protocol-level security incidents, unlocking periods could become a key bottleneck restricting flexibility.

Industry structural impact: Rebalancing the staking economy

Bitmine’s staking scale has a dual significance for Ethereum network security and consensus.

Positive aspects

Large-scale participation of enterprise holdings in staking effectively enhances the network’s decentralization of validators and economic security. The 3.5 million ETH staked means these assets are locked away from circulating supply, objectively reducing tradable liquidity in the market.

Potential concerns

Supply-side centralization cannot be ignored. When a single entity controls a significant proportion of total staked assets, it could influence the composition of validator sets. Although Ethereum’s protocol design naturally resists collusion, capital concentration always remains a long-term structural issue for decentralization.

Another aspect to watch is the staking derivatives market. Bitmine’s large-scale staking will release more liquid staking tokens into the ecosystem, potentially affecting DeFi protocols’ interest rate curves and collateral structures. Investors holding related positions should monitor marginal changes in staking yields.

Conclusion

Bitmine’s move to push ETH staking above 70% marks a milestone in its enterprise Ethereum strategy and exemplifies deep institutional participation in blockchain consensus. From the verifiability of on-chain data to the strategic implications, this event provides a comprehensive case study for the industry to examine institutional staking behavior. Until MAVAN’s platform is fully operational, the market will continue to watch the pace of its staking pathway transition and the actual performance of yield realization. The next phase of Ethereum’s staking economy is accelerating.