BitMine Stakes Another 159,728 Ether, Lifting Cumulative Total Above 5.227 Million ETH
BitMine, a corporate Ethereum treasury company, is expanding the use of its holdings by staking an additional roughly $390 million worth of Ether.On-chain analytics account EmberCN said on Oct. 20 that BitMine deposited 159,728 ETH into a staking contract about six hours earlier. The tokens were valued at about $390 million at the time.The additional deposit is estimated to have pushed BitMine’s cumulative staked Ether above 5.227 million ETH. That amounts to about $12.8 billion.Demand to enter staking on the Ethereum network also remains high. About 1.33 million ETH is currently waiting for new validator entry, with the estimated wait time topping 23 days.By contrast, only about 149,000 ETH was waiting to exit staking. The withdrawal wait time was also under four days, leaving the validator entry queue at roughly nine times the size of the withdrawal queue.As demand to enter staking continues to far outpace demand to withdraw, large Ether holders such as BitMine are continuing to add deposits. Still, a rise in staked Ether means more assets are being deposited into the network and does not guarantee a short-term increase in Ether prices.