BitMine Immersion Technologies (NYSE: BMNR) pushed the share of its Ethereum treasury that’s staked to 87.4% on August 4, after depositing an additional 150,120 ETH (worth roughly $278 million) into validator infrastructure. That takes BitMine’s total staked position to a reported 5,067,309 ETH, worth about $9.38 billion at current prices.
Two days earlier, per BitMine’s own August 3 disclosure, the company had 4,917,189 ETH staked, 84.8% of its then-5,797,813 ETH treasury. The jump to 87.4% is a real two-day acceleration, not a new high-water mark: as the ratio history below shows, BitMine has been here before.
How the ETH Actually Moved
The deposit split across two separate custody paths. Three BitMine-tagged wallets sent ETH into a contract Arkham labels BatchDeposit, a single transaction type that batches multiple 32-ETH validator deposits into Ethereum’s beacon-chain deposit contract.
BitMine moved a large amount of ETH into staking through five transactions. Three wallets sent 28.8K, 34.56K, and 34.56K ETH into a contract called BatchDeposit, which is BitMine’s own route into staking. A fourth wallet, tied to BitMine’s Coinbase Prime custody account, sent another 28.8K ETH into a separate Coinbase staking contract. A fifth wallet sent 23.4K more ETH into that same contract.
Why 87% Staked Instead of Just Accumulating
The company holds a 98% ownership interest in MAVAN Holdings LLC, with the remaining 2% held by Ethereum Tower LLC, and expanded MAVAN’s validator infrastructure in March 2026 by acquiring Pier Two Holdings, an Australian non-custodial staking-infrastructure firm, according to BitMine’s quarterly filing with the SEC. That acquisition is the mechanical reason BitMine can now absorb a 150,000-ETH deposit into staking in a single day rather than queuing it: MAVAN, is doing the work.
The reason is simple: staking is now how BitMine actually makes money, and that’s what’s driving the ratio push.
- Staking brought in $45.7 million of BitMine’s $46.5 million in total revenue for the quarter ended May 31, 98% of it, up from almost nothing a year earlier, according to the same filing.
- ETH sitting unstaked in the treasury earns nothing. Staked ETH is now how the company actually makes money.
- That’s why BitMine pushed the ratio up two-plus points in just 48 hours, faster than its usual weekly pace, which mostly tracked new purchases.
- The same filing also shows the other side of this bet: a $9.1 billion loss over nine months, almost all of it a paper loss from ETH’s price dropping, not a sign of trouble in the staking business itself.
The Ratio Moves in a Sawtooth, Not a Straight Line
BitMine’s staked share of its own treasury isn’t climbing in a straight line the way its total ETH count is. It peaked at 87.9% on May 5, 2026, then slid back to 84.8% by August 2, not because BitMine unstaked anything, but because the company kept buying new ETH faster than MAVAN could stake it, diluting the ratio even as the staked total kept growing in absolute terms. Today’s 150,120 ETH deposit is a catch-up move that pushes the ratio back above where it’s been sitting for the past three months, though still short of May’s high.
| Date | Staked ETH | % of holdings |
|---|---|---|
| Dec 2025 | 0 (staking begins) | 0% |
| May 5, 2026 | ~4.55M | 87.9% (period high) |
| Aug 2, 2026 | 4,917,189 | 84.8% |
| Aug 4, 2026 (today) | 5,067,309 (reported) | 87.4% |
The Weekly Count Cadence This Update Breaks From
Each of BitMine’s last three updates led with a slightly higher total-holdings figure.
- Aug 3, 2026: BitMine added 10,399 ETH, treasury reached 5,797,813 ETH, $11.3B total holdings.
- Jul 27, 2026: BitMine bought 9,946 ETH, treasury reached 5,787,414 ETH.
- Jul 20, 2026: BitMine bought 7,430 ETH, treasury reached 5,777,468 ETH.
- Aug 4, 2026: Staked ratio rises to 87.4% on a 150,120 ETH staking deposit; treasury count essentially unchanged.
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