Overview

• BitMine’s staked holdings have reached approximately 1.29 million ETH, valued at about $5.8 billion, making it the largest public corporate holder
• The company boosted its at-the-market equity program to $24.5 billion in a recent SEC filing to fund ongoing ETH purchases
• Over-the-counter deals, including roughly 28,650 ETH from Galaxy Digital, have driven much of BitMine’s rapid accumulation
• Ethereum validator entry and exit queues now hold more than 350,000 ETH and 830,000 ETH respectively, delaying staking activations by six days and exits by 14 days
• Publicly traded firms and spot ETH ETFs collectively control nearly 3.7 million ETH (around 3% of supply), raising concerns about concentration, liquidity and systemic risks