Bitmine keeps adding Ethereum, but the amount it reports as staked hasn't changed in five weeks.
- The Tom Lee-chaired crypto treasury company said its holdings reached 5.96 million ETH this week, putting it roughly 98% of the way toward its goal of owning 5% of Ethereum's total supply.
- Yet, Bitmine still reports exactly 5,067,309 ETH as staked, the same figure it disclosed in early August.
- Since then, its total holdings have increased by roughly 150,000 ETH.
- That leaves about 889,000 ETH outside Bitmine's reported staked balance, worth roughly $2.2 billion using the ETH price in the company's latest update.
The gap stands out as Bitmine has made staking a central part of its Ethereum strategy
The company launched its own validator network, known as MAVAN, and previously said it intended to stake "nearly all" of its remaining unstaked ETH.
The company launched its own validator network, known as MAVAN, and previously said it intended to stake "nearly all" of its remaining unstaked ETH.
Ethereum currently has about 1.8 million ETH waiting to enter staking, with an estimated wait of roughly 31 days and one hour, according to Validator Queue, which says its data is provided by Ethereum beacon-chain explorer Beaconcha.in.
Ethereum staking queue wait time in days. Source: Validator Queue
Some of Bitmine's ETH could already be committed to staking without yet appearing in its reported active balance.
- Bitmine hasn't disclosed how much ETH, if any, is waiting in that queue or otherwise explained why its reported staking balance has remained unchanged.
- Meanwhile, the company needs only about another 144,000 ETH to reach its headline goal of owning 5% of Ethereum's supply.
- The Coinformer reached out to Bitmine for comments and will update the story if the company responds.