BitMine Immersion Technologies, building on recent treasury growth past 4 million ETH, deposited 74,880 ETH ($219 million) into staking contracts on December 27—its initial foray into yield generation. As the largest corporate ETH holder with 4,066,062 ETH (3.37% of network supply, up from 3.97 million earlier this month), the move signals a shift toward active management amid stock volatility.
On-chain data reported by Ember CN on December 27 shows BitMine Immersion Technologies depositing 74,880 ETH, valued at ~$219 million, into Ethereum staking contracts. This is a fraction of its total 4,066,062 ETH holdings (~$12 billion at $2,991/ETH), which have grown from 3.97 million ETH disclosed mid-December and represent 3.37% of Ethereum's 120.7 million ETH supply.
The deposit marks the start of yield generation, with current APY at 3.12% implying significant potential revenue if expanded. BitMine Chair Thomas Lee updated on the proprietary Made in America Validator Network (MAVAN), a 'best-in-class' staking solution slated for early 2026 deployment. The strategy aims to make the treasury yield-bearing and less volatility-dependent.
Staking adds revenue but introduces liquidity risks from exit queues during market stress. Concerns include validator centralization and potential OFAC compliance impacts on network neutrality.
This follows recent stock movements: shares hit ~$31 amid treasury highlights earlier in the week but closed at $28.31 on December 26 after high volume (32.66 million shares), well off the 52-week high of $161. Analyst valuations vary between fair value and NAV discount.
