Tom Lee's BitMine has expanded its Ethereum staking portfolio as it continues to show resilience on the leading crypto asset despite the recent market volatility.
The move comes as the leading Ethereum treasury firm continues to double down on Ethereum regardless of the market condition, maintaining strong conviction in its future price potential.
BitMine stakes 86.5% of its Ethereum holdings
According to recent data shared by blockchain monitoring firm Lookonchain, Tom Lee's BitMine has staked another 159,728 ETH worth about $390.6 million.
Following this move, BitMine has now boosted its total staked Ethereum holdings to a massive 5.23 million ETH, worth about $12.78 billion.
With BitMine's enormous Ethereum stash, which covers about 5% of the total Ethereum available in circulation, its consistent Ethereum moves have seen it commit up to 86.5% of its total ETH holdings to staking as of October 21.
The move, which has drawn attention from market participants, positions BitMine as a major player in the crypto ecosystem, establishing its dominance among corporate Ethereum holders.
Ethereum price recovers
While the move may seem bullish for Ethereum, data shows that it has come at a time when hope was finally being restored to the Ethereum ecosystem after several weeks of extreme volatility.
Per the latest market data, Ethereum is back to trading in the green, hovering around $2,450 following a modest increase of about 2.78% over the last day.
The resurgence in the price of Ethereum, coupled with the bullish move from BitMine, has sparked confidence among market participants about what may be ahead for the asset.
Arman Shirinyan
Dan Burgin
