Ethereum (ETH) Price: Staking Queue Reaches $5.5 Billion as BitMine Expands Holdings

TLDR

• BitMine Immersion Technologies staked an additional 86,400 ETH worth about $268.7 million, pushing its total to over 1 million staked ETH valued at approximately $3.3 billion.
• The company’s current 2.81% staking yield generates roughly $94.4 million annually in ETH rewards.
• BitMine’s stock price has fallen over 80% from its July 2025 all-time high of $161 per share to $30.06.
• Chairman Tom Lee asked shareholders to approve increasing authorized shares from 50 million to 50 billion to accommodate future stock splits.
• Ethereum’s staking entry queue has surged to 1.759 million ETH worth $5.5 billion, the highest level since August 2023, with a 30-day wait time for new validators.

BitMine Immersion Technologies reached a new milestone over the weekend by crossing 1 million staked Ethereum. The crypto treasury company added 86,400 ETH through four separate transactions on Saturday.

The additional stake was worth approximately $268.7 million at the time. BitMine now holds 1,080,512 staked ETH according to onchain analysis platform Lookonchain. The total value of the company’s staked holdings stands at around $3.3 billion.

Staking allows validators to secure proof-of-stake blockchain networks by locking up tokens. In return, they receive yield paid in the network’s native cryptocurrency. BitMine currently earns a 2.81% yield on its staked Ethereum.

Market analyst Nic Puckrin calculated that this yield generates roughly $94.4 million per year in ETH for the company. This passive income differentiates Ethereum holdings from Bitcoin, which does not produce cash flow through staking.

The milestone comes after a difficult year for crypto treasury companies. Many saw their valuations drop more than 90% from peak levels. BitMine’s stock price has declined over 80% from its all-time high.

BitMine Stock Performance

The company’s shares reached $161 in July 2025 but have since fallen to $30.06 per share. This drop reflects broader challenges facing firms that hold cryptocurrency as their primary treasury asset.

In early January, BitMine kicked off 2026 by purchasing $105 million worth of Ether. The company still maintains $915 million in cash reserves despite its ongoing Ethereum accumulation strategy.

Chairman Tom Lee recently urged shareholders to vote on a proposal to increase authorized shares. The measure would raise the limit from 50 million to 50 billion shares, representing a 1000x increase.

Lee clarified that increasing the authorized limit does not mean the company will immediately issue all those shares. The expanded authorization would allow for future stock splits to keep the price per share around $25.

Ethereum Network Activity Increases

While BitMine expands its holdings, activity on the Ethereum network itself has picked up. The Beacon Chain staking entry queue has grown to 1.759 million ETH, worth approximately $5.5 billion.

This represents the highest staking queue level since August 2023. New validators now face a wait time exceeding 30 days before their stake becomes active on the network.

The exit queue has dropped to zero, meaning no validators are currently waiting to unstake their Ethereum. This combination of rising entry demand and zero exits reduces the amount of liquid ETH available in the market.

Ethereum currently trades near $3,110 with a market capitalization of approximately $375 billion. Daily trading volume stands at around $6.5 billion. The price has formed higher lows since late December, holding above a rising trendline.

Technical indicators show momentum building as the Relative Strength Index recovered from oversold levels to above 55. Price action has compressed between an ascending trendline and resistance near $3,180.

A sustained close above $3,180 could open a path toward $3,250 and potentially $3,300. The staking queue data combined with price compression suggests reduced selling pressure as more ETH gets locked in staking contracts.

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