Ethereum treasury firm Bitmine has begun depositing its Ether holdings into Ethereum’s Proof-of-Stake (PoS) system, about $219 million worth of ETH.
On Sunday, multiple Bitcoin-linked wallets transferred large amounts of Ether (ETH) in a contract labeled “Beach Deposit,” which contains a hundred percent of the data from Arkham. The total number of transfers is 74,880 ETH, a pattern commonly associated with institutional staking setups that pool funds prior to the creation of a validator.
“Bitmine (BMNR), the largest Ethereum treasury company, has finally started to try to stake its ETH to earn interest income,” said Umberkin in a post on X.
“This is their first opportunity, and they now hold 4.066 million ETH, with an estimated APY of about 3.3.12%. If all of this is stacked up, they could earn about 126,800 ETH in interest over the course of a year, which would be worth $1,371 million at the current price of $2,927,” said Onchin’s analyst.
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Bitmine’s Ether Treasury Exceeds 4 Million Tokens
The deposits come as Bitcoin’s Ether treasury surpassed 4 million tokens for the first time. The firm confirmed earlier this week that its holdings exceed 4.06 million ETH after its recent $40 million purchase.
Over the past week, Bitmine added nearly 100,000 ETH to its balance at an average purchase price of $2,991 per token.
In November, Bittman said it plans to begin staking Ether in the first quarter of 2026 through an in-house setup called the Medium in America Welder Network (MAVAN). At the time, the company said it had selected three institutional staking providers for a pilot program, using a small portion of their ETH to test performance, security and operational quality before scaling.
Related: Ethereum Unlikely to Reach New Highs in 2026: Ben Cowen
Ethereum TVL may jump 10x in 2026
According to Sharplink Gaming Co-CEO, Joseph Chalome, Ethereum’s total value (TVL) could grow tenfold in 2026 as institutional participation expands and new chain use cases gain traction. Sharplink is the second largest public Ethereum treasury holder, with approximately 79,798,000 ETH worth approximately $2.33 billion.
Chlum pointed to stablecoins as a key driver, predicting the market will reach $500 billion by the end of next year, up about 62% from current levels. With more than half of stable activity already occurring on Ethereum, the steady issuance and increase in transactions could significantly raise the network’s TVL.
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