BitMine Immersion Technologies (NYSE: BMNR) has deposited an additional 82,560 Ether ($259 million) into Ethereum’s Proof-of-Stake contract, a move that has pushed the network’s validator entry queue to historic highs. The transaction brings the company’s total staked position to 544,064 ETH ($1.7 billion), cementing its pivot from mining to a pure-play Ethereum treasury strategy.
The Supply Sink
Liquidity is leaving the open market at a rapid clip. Following BitMine’s latest deposit, data from ValidatorQueue shows the network’s entry queue now holds 977,360 ETH. New validators face a waiting period of nearly 17 days (16 days, 23 hours) before they can begin earning yield.
This aggressive accumulation is part of Chairman Tom Lee’s stated "Alchemy of 5%" goal, aiming to control nearly 5% of the total Ethereum supply. The company currently reports holding over 4 million ETH (approx. 3.4% of supply), with the bulk of these assets slated for its proprietary "Made in America Validator Network" (MAVAN), expected to launch later in Q1 2026.
"BitMine added 44,463 ETH in the past week, as we continue to be the largest ‘fresh money’ buyer of ETH in the World," Lee noted in a recent filing.
Market Reaction
The equity market rewarded the yield-focused strategy immediately. BMNR shares surged 14% to trade near $31 following the disclosure. Conversely, spot Ether (ETH) remained relatively stable, trading at $3,106 (+0.13%), as the supply shock from the staking contract has yet to fully price in against broader market volumes.
Shareholders are now eyeing the January 15 annual meeting, where a proposal to increase authorized shares from 500 million to 50 billion will determine if BitMine can sustain this accumulation pace.
