BitMine Immersion Technologies staked 86,400 Ethereum on Saturday, pushing its total past 1 million staked Ethereum tokens. The crypto treasury company completed the deposits in four separate transactions valued at approximately $268.7 million in total, according to Arkham Intelligence.
On-chain analysis platform Lookonchain confirmed BitMine now holds 1,080,512 staked Ethereum. The company operates as the largest Ethereum treasury firm by holdings, with over 4 million Ethereum in its corporate reserves.
Staking involves locking cryptocurrency tokens to secure proof-of-stake blockchain networks. Validators or third-party providers pledge tokens and receive yield paid in the network’s native asset. BitMine’s staked position generates approximately $94.4 million annually at the current 2.81% yield rate, according to market analyst Nic Puckrin.
Puckrin noted that Bitcoin does not produce cash flow. He questioned whether holding stakeable assets might help companies weather market downturns better when debt obligations come due during periods of declining prices.
The milestone follows a difficult year for crypto treasury companies. Some firms lost over 90% of their value from all-time highs. BitMine’s stock has dropped more than 80% from its July 2025 peak of $161 per share and currently trades at $30.06.
In early January 2026, BitMine chairman Tom Lee asked shareholders to approve a proposal increasing the authorized share limit from 50 million to 50 billion shares. The 1,000x increase would not necessarily mean the company will issue all those shares, Lee clarified.
The expanded authorization would accommodate future stock splits. Lee said the goal is to keep BitMine’s share price affordable at around $25 per share as the company’s valuation changes.
BitMine maintains $915 million in cash reserves despite the stock price decline. The company purchased $105 million worth of Ether in early 2026, continuing its strategy of accumulating the second-largest cryptocurrency by market capitalization.
