Ethereum treasury firm Bitmine has begun staking a large portion of its Ether holdings, marking a strategic shift in how it manages its digital assets.
On Sunday, multiple wallets linked to Bitmine transferred a combined 74,880 ETH into a contract labelled “BatchDeposit,” according to onchain data.
The deposits were valued at approximately $219 million based on prevailing Ether prices.
The BatchDeposit pattern is commonly associated with institutional staking setups that pool assets before activating validators.
Onchain analyst EmberCN flagged the transactions as Bitmine’s first confirmed move into Ethereum staking.
This is their first time staking, and they now hold 4.066 million ETH, with an approximate APY of 3.12%.
EmberCN said.
EmberCN added that if Bitmine were to stake its entire Ether balance, annual rewards could reach roughly 126,800 ETH.
At current market prices near $2,930 per ETH, that level of yield would translate into hundreds of millions of dollars in additional value.
The move signals a transition from passive treasury holding to active balance-sheet management.