Bitmine increases its ETH holdings twice within a week. How strong is the institutional bottom-fishing signal?

After purchasing 35,268 ETH last week, Bitmine has made another move, this time staking 171,264 ETH. From increasing holdings to staking, this publicly listed company with the largest Ethereum holdings globally is demonstrating its confidence in ETH through action. What is driving this continuous increase in staking?

The True Picture of Institutional Continuous Accumulation

According to the latest news, on January 23, Bitmine staked an additional 171,264 ETH, worth approximately $503.24 million. Currently, its total staked ETH has reached 1,943,200, with a total value of about $5.73 billion.

More notably, the overall scale of Bitmine’s holdings is worth paying attention to. According to previous reports, Bitmine currently holds 4,203,036 ETH (about 3.48% of the total Ethereum supply), with combined crypto assets, cash, and strategic investments totaling approximately $14.5 billion. Its cash reserves amount to $979 million, which means Bitmine still has ammunition to continue increasing its holdings.

The Economic Logic Behind Staking

The reason why Bitmine’s staking scale continues to expand is mainly due to the attractiveness of the staking yield model. Currently, the staking rate on Ethereum is 29%, allowing stakers to earn stable on-chain returns. For large institutions like Bitmine, staking not only generates income but also significantly reduces the liquidity supply of ETH.

According to reports, Bitmine is promoting the MAVAN staking solution, which is expected to go live in Q1 2026. This indicates that Bitmine has made staking a core business, rather than just passive holding.

The Synergy with Wall Street Institutions

Bitmine’s increasing holdings are not isolated. According to the latest information, BlackRock expressed optimism about Ethereum’s prospects in its 2026 outlook report, highlighting Ethereum’s dominant 66% share in the tokenization market. JPMorgan has issued its first tokenized money market fund on the Ethereum network, and Morgan Stanley has also applied for an Ethereum ETF product.

This means that institutional recognition of Ethereum has shifted from mere holdings to ecosystem-level investments. Bitmine’s continuous accumulation is actually a microcosm of this wave of institutional endorsement.

Potential Impact on Market Liquidity

On-chain data shows that large-scale institutional accumulation and staking are changing the liquidity landscape of ETH. When over 46% of Bitmine’s holdings are staked, this portion of ETH is effectively locked in staking contracts, reducing circulating supply in the market.

According to reports, analysts believe that corporate purchases and staking of Ethereum reduce circulating supply, potentially supporting price increases. While this support may not be immediate, from a supply-side perspective, it indeed alters the market fundamentals.

Key Future Observations

Bitmine received approval at last week’s shareholder meeting to significantly expand its authorized shares, providing a systemic basis for subsequent financing and accumulation. Coupled with its existing cash reserves of $979 million, Bitmine may continue to increase its holdings in the coming months.

Based on Bitmine’s “5% Alchemy Target” (holding 5% of the total Ethereum supply), which is nearly 70% completed, there is about 1.7% remaining to reach the goal. This suggests that Bitmine may continue to acquire around 2 million ETH.

Summary

Bitmine’s series of actions from buying to staking reflects institutional confidence in Ethereum’s long-term value. Continuous accumulation and large-scale staking not only demonstrate pursuit of returns but also a positive outlook on Ethereum’s ecosystem development. When Wall Street giants like BlackRock and JPMorgan are simultaneously increasing their Ethereum investments, Bitmine’s moves become even more meaningful—this is not just a single institution’s gamble but a collective recognition of Ethereum tokenization’s future by Wall Street. From the supply side, large-scale staking by institutions is indeed changing ETH’s liquidity landscape, but long-term price support still requires more ecosystem applications and real demand.