BitMine Immersion Technologies has expanded its Ethereum staking position with a fresh deposit of 82,560 Ether, valued at roughly $259 million.
Onchain data shows the Ether was transferred in multiple large transactions to Ethereum’s BatchDeposit contract within a short time window.
The deposits further strengthen BitMine’s position as one of the largest institutional stakers on the network.
Following the latest addition, BitMine’s total staked Ether has climbed to 544,064 ETH.
At current market prices, the staked position is worth approximately $1.62 billion, according to onchain analyst Lookonchain.
Growing institutional appetite for Ethereum yield
BitMine first began staking Ether on Dec. 26, when it transferred nearly $219 million worth of ETH to staking-related contracts.
The company has since accelerated its participation as institutional demand for onchain yield continues to build.
In November, BitMine disclosed plans to formally launch its Ethereum staking program in the first quarter of 2026.
The initiative will operate through the company’s internal Made-in-America Validator Network, or MAVAN.
Management said MAVAN is designed to meet institutional standards for performance, redundancy, and operational security.
Pilot phase sets foundation for scaling
As part of the rollout, BitMine selected three institutional staking providers for an initial pilot program.
A limited amount of Ether was deployed to evaluate validator uptime, infrastructure reliability, and risk controls.
The company said insights from the pilot will inform decisions around broader deployment.
BitMine indicated that a significant expansion could follow if benchmarks are met.
Validator entry queue approaches one million ETH
BitMine’s aggressive staking activity has contributed to growing congestion in Ethereum’s validator entry queue.
Current network data shows roughly 977,000 ETH waiting to be activated as validators.
At current levels, the estimated wait time for new validators is close to 17 days.
By contrast, exit demand remains relatively subdued.
Only about 113,000 ETH is currently queued for withdrawal from staking.
Ethereum network statistics show more than 35.5 million ETH is now staked.
That figure represents roughly 29% of Ethereum’s total circulating supply.
Annualized staking yields currently stand near 2.54%.
Market commentary turns bullish
Abdul, head of DeFi at layer-one blockchain Monad, commented on the shifting balance between entry and exit queues.
He said the last time entry demand overtook exits in June, Ether “doubled in price shortly after.”
Abdul added that “2026 going to be a movie,” suggesting optimism around future price action.
Meanwhile, BitMine chairman Tom Lee has urged shareholders to approve a sharp increase in authorized shares.
Lee argues the move is necessary if rising Ether prices significantly boost BitMine’s valuation.
