Bitmine Stakes $320M in Ethereum Amid Market Downturn

Tom Lee's Bitmine has continued to stake large amounts of Ethereum, despite the current market downturn. The firm moved around $320 million worth of ETH to Coinbase Prime for staking on Thursday morning, following a separate allocation of over 61,200 Ethereum completed the previous day.

This transfer brings Bitmine's total staked holdings to approximately 3.5 million Ethereum, valued at around $8.1 billion, which represents roughly 70.1% of its overall ETH holdings. The firm currently controls more than 4.1% of the total circulating ETH supply and has publicly targeted a 5% share.

Bitmine's chairman Tom Lee views Ethereum as being in the final stages of what he called a mini crypto winter, but the firm continues to accumulate throughout the market downturn. The company announced its intention to shift its staking operations to MAVAN, an in-house platform launched last month, but the migration has not yet taken place.