BitMine Immersion Technologies has moved 342,560 ETH, worth just over $1 billion, into staking in late December 2025, an on-chain action that coincided with a marked expansion of the Ethereum validator entry queue.
On-chain records show BitMine deposited 342,560 ETH into validators on and around December 29, 2025, a volume that materially lengthened validator entry wait times. The company reported holding 4.066 million ETH as of December 21, 2025, equivalent to roughly 3.37% of the circulating supply.
Annual staking yields for ETH are currently in the mid-single digits; APY (annual percentage yield) is the annualized return received from staking or interest-bearing assets. If BitMine staked its entire treasury, projected protocol yields would generate about 126,800 ETH per year at prevailing rates.
BitMine’s treasury strategy has delivered large-scale accumulation but also produced significant unrealized losses. Estimates in public analysis range from roughly $1.9 billion to more than $4 billion in paper losses on ETH holdings at various points in 2025; one commonly cited figure puts unrealized losses near $3.7 billion.
Bitmine financial position and risk profile
The company retains other assets, including 193 BTC and material cash reserves, and has implemented a $1 billion share buyback program while exploring large-scale fundraising—reports cite an ambition to raise as much as $20 billion to expand ETH holdings. Analysts have flagged the concentration risk and the sensitivity of the balance sheet to ETH price movements as points of concern.
Beyond treasury accumulation, BitMine plans to commercialize its staking operations. The firm intends to launch an institutional staking platform, MAVAN, in Q1 2026 to offer custody and staking services tailored to large clients.
Company leadership has signaled continued conviction in Ethereum’s long-term outlook and has employed an active acquisition approach, described internally as a tendency to “buys the dip,” to scale holdings. Corporates following similar strategies are tightening the pool of readily available Ether, shifting some supply dynamics in secondary markets.
BitMine’s $1 billion lockup is both a balance-sheet tactic and a strategic move toward staking-as-a-service, with material implications for Ether liquidity and validator capacity.
