BitMine Immersion Technologies has staked over 1.25 million ETH, causing the longest validator entry queue since mid-2023.
The Ethereum network is facing a massive staking bottleneck, with the entry queue swelling to over $8.3 billion in value. The surge is primarily driven by BitMine Immersion Technologies (BMNR), the crypto treasury firm chaired by Fundstrat’s Tom Lee.
According to recent data, the wait time to activate a new validator on Ethereum has jumped to 44 days, the longest delay recorded since July 2023. This congestion follows BitMine’s aggressive move to stake more than 1.25 million ETH roughly one-third of its total Ethereum holdings.
BitMine, which trades on the NYSE American under the ticker BMNR, has rapidly become the largest “fresh money” buyer of Ether. The firm currently holds over 4 million ETH, valued at approximately $13 billion, and has explicitly stated a goal to acquire 5% of the total circulating supply.
“We remain the largest ‘fresh money’ buyer of ETH in the world,” stated Mr. Lee.
This supply shock comes as institutional interest intensifies. Just days ago, BitMine also announced a strategic $200 million investment into Beast Industries (MrBeast), signaling a broader push to integrate crypto with mainstream entertainment.
Source:https://www.sec.gov/Archives/edgar/data/1829311/000149315226001237/ex99-1.htm