The institutional interest in Ethereum staking also escalated after BitMine Immersion Technologies added another 82,560 Ether, valued at approximately 259 million dollars, into Ethereum’s staking subsystem. This act brought Ethereum’s validator queue entry even closer to reaching 1 million ETH.
On-chain data from Arkham shows that BitMine sent multiple large transfers to Ethereum’s BatchDeposit contract within a short time frame. Following the latest deposits, BitMine’s total staked Ether climbed to 544,064 ETH, valued at approximately $1.62 billion at current prices, according to on-chain analyst Lookonchain.
BitMine began its Ethereum staking activity on Dec. 26, when it transferred nearly $219 million worth of ETH into staking-related contracts. Since then, the company has steadily increased its exposure, signaling strong conviction in Ethereum’s long-term yield and network fundamentals.
Validator queue congestion builds
BitMine’s aggressive staking activity has contributed to rising congestion in Ethereum’s validator entry queue. Data from the Ethereum Validator Queue shows that roughly 977,000 ETH now waits to enter active validation, translating to an estimated 17-day wait time for new validators.
In contrast, exit activity remains relatively subdued. At present, there are just over 113,000 ETH in the withdrawal queue, which underscores the imbalance between new market participants and leaving validators. This is because there is increased confidence in Institutional market players searching for staking yield instead of market liquidity.
The figures above are further confirmed by the network-wide data. In total, over 35.5 million ETH, equivalent to 29% of the total Ethereum supply, is currently staked. At the same time, the annualized return on staking is close to 2.54% on the Ethereum network.
Institutional staking narrative strengthens
BitMine’s strategy aligns with its previously disclosed plans to build internal staking infrastructure. In November, the company announced it would begin staking Ether in the first quarter of 2026 through its Made-in-America Validator Network (MAVAN). BitMine selected three institutional staking providers for an initial pilot, deploying limited ETH to test performance, security, and operational reliability before scaling up.
Market observers have taken note of the growing validator queue. Abdul, head of DeFi at layer-1 blockchain Monad, said in a recent X post that the last time Ethereum’s entry and exit queues flipped in June, Ether “doubled in price shortly after.” He added that “2026 is going to be a movie,” pointing to potential bullish implications.
Tom Lee backs expansion strategy
BitMine’s staking push also ties into broader corporate strategy. As previously reported by Cointelegraph, Tom Lee, chairman of BitMine, has urged shareholders to approve a sharp expansion of the company’s authorized share count to 50 billion.
Lee argued that the move would support potential stock splits if Ether’s price drives BitMine’s valuation significantly higher. He said BitMine’s share price closely tracks ETH and outlined scenarios in which Ether reaches $250,000 if Bitcoin climbs to $1 million. Under such conditions, Lee believes BitMine shares could rise to levels that would price out most retail investors.
With the increase in Ethereum staking, BitMine’s prominence indicates that institutional actors are starting to change the landscape of validators, yield, and ultimately network engagement.
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