BitMine, the crypto investment firm led by notable Ethereum advocate Tom Lee, has made a significant move by depositing an additional 93,600 ETH—worth approximately $218 million—into its staking pool. The transaction was executed via Coinbase Prime in six separate batches on April 23, 2026, as reported by blockchain monitoring firm Lookonchain.
This latest deposit brings BitMine's total staked Ethereum to 3,489,469 ETH, valued at around $8.13 billion. Consequently, 70.12% of BitMine's total Ethereum holdings are now locked in staking, underscoring the firm's long-term bullish conviction on the asset. The company has been aggressively accumulating ETH over the past months, purchasing 315,000 tokens in the last 30 days alone and now controlling over 4% of Ethereum's total circulating supply—approximately 4.976 million ETH, nearing the 5 million milestone.
BitMine's strategy, as outlined by Tom Lee, is to eventually accumulate 6 million ETH and stake all of it through the newly launched MAVAN product. This would generate roughly a 3% annual return, equating to 180,000 ETH per year—worth about $420 million at current prices. If Ethereum reaches $5,000 as some analysts predict, annual staking revenue could exceed $900 million, a remarkable sum for a company with fewer than 10 employees.
Beyond staking, Tom Lee intends to use these funds for strategic investments, including a recent $200 million investment in MrBeast's company. He also announced an increase in the BMNR stock repurchase authorization from $1 billion to $4 billion.
From a technical perspective, the BMNR stock is showing bullish signals, having formed a double-bottom pattern with support at $17 and a neckline at $23. The stock has also moved above the 50-day EMA and flipped the Supertrend indicator to bullish. Analysts like Tom Lee see potential for the stock to target $28.73 in the near term.
The broader Ethereum price action supports this bullish outlook as well, with ETH forming an ascending triangle pattern and moving above its 50-day EMA. Key resistance levels lie at $2,960, which if broken, could push BitMine's Ethereum holdings value from $11.59 billion to over $14.7 billion.
