Ethereum is gaining strong institutional momentum as Bitmine, linked to analyst Tom Lee, has deposited an additional 93,600 ETH into staking contracts, valued at approximately $218 million.
The transactions were executed via Coinbase Prime, highlighting the growing reliance of institutions on trusted infrastructure for managing digital assets.
With this move, Bitmine’s total staked holdings now reach 3.48 million ETH, worth roughly $8.13 billion, representing about 70% of its total Ethereum reserves.
This strategy effectively reduces liquid supply in the market, as staked ETH is locked and unavailable for , potentially creating upward price pressure if demand remains strong.
Bitmine’s approach mirrors the treasury strategy of MicroStrategy with Bitcoin, but applied to Ethereum, reinforcing ETH’s role as a long-term institutional asset.