Tom Lee-led BitMine staked an additional 171,264 ETH, worth $500 million, thereby taking its total staking value to more than $5.7 billion.
Tom Lee-led Ethereum treasury firm BitMine Technologies (NASDAQ: BMNR) has amped up its ETH ETH $2 011 24h volatility: 3.8% Market cap: $242.59 B Vol. 24h: $23.36 B staking to over $5.71 billion in its latest move. On-chain data shows that the firm has staked an additional 171,264, worth $500 million.
BitMine Now Has 1.9 Million of Staked Ethereum
Following its latest move, BitMine has now staked a total of more than 1.9 million ETH.
Tom Lee(@fundstrat)'s #Bitmine staked another 171,264 $ETH($503.2M) 6 hours ago.
In total, #Bitmine has now staked 1,943,200 $ETH($5.71B).https://t.co/P684j5YQaG pic.twitter.com/xrFAF4KKau
— Lookonchain (@lookonchain) January 23, 2026
As of date, Tom Lee’s firm holds a total of 4 million Ethereum, which represents nearly 3.5% of the total ETH circulating supply. Previously, the company already shared its goal of increasing its holdings to 5%.
In a January 2026 shareholder update, Tom Lee said the company expects its ETH treasury to generate over $400 million per year in staking income. With a market capitalization above $13 billion, BitMine is now the largest institutional Ethereum holder. Demand for Ethereum staking has been on the rise and has recently crossed the 30% threshold. The latest report from Altcoin Vector notes:
“We’ve officially hit a historic milestone: 30% of the total ETH supply is now staked. This fundamentally shifts the narrative. Ethereum is no longer just a volatile asset; it has matured into the world’s most secure digital financial infrastructure. In 2026, ETH staking has effectively become the “risk-free rate” of the digital economy”.
However, the BMNR stock has been seeing continuous downside, and is currently trading under $30. However, crypto analyst Bryant believes that the $27-$30 is a good accumulation range, adding that it could be preparing for a “MONSTER move”.
I'm aggressively loading on $BMNR daily.
Ever since the momentum indicator flipped to blue for $ETH, I have been buying $BMNR in the $27-30 range.
I think it is going to make a MONSTER move very soon: $5k, then $7K.
Watching closely, don't miss out! pic.twitter.com/OJHZcfPDSg
— Bryant (@TheSkayeth) January 23, 2026
The underperformance in the BMNR stock is largely coming on the heels of the underperformance in Ethereum price. Amid the broader crypto market correction, ETH price has now slipped under $3,000. For BMNR to catch up, a strong recovery in ETH price seems essential.
Analysts Stay Bullish on ETH Price Recovery
After the recent rejection at $3,350 levels, Ethereum price has once again slipped under the $3K level amid heavy selling pressure. Analysts at Altcoin Vector noted that ETH price must reclaim $3,050 levels for further upside to $3,250 and $3,650, respectively.
ETH Price impulse | Source: Altcoin Vector
However, the analysts warned that if ETH remains under $3K, it could further drag lower to $2,600.
Crypto analyst Merlijn The Trader said Ethereum remains undervalued at current levels. He called it a “sleeping giant” while citing bullish technical signals built on higher time frames.
I’M STILL SHOCKED ETHEREUM IS THIS CHEAP.
It’s a sleeping giant.
Weekly:
Compression tightening…
Higher lows holding…
MACD flipping bullish…If $ETH breaks the wedge,
it won’t grind.It launches. pic.twitter.com/DhF1d4izrN
— Merlijn The Trader (@MerlijnTrader) January 22, 2026
In a weekly chart view, the analyst pointed to tightening ETH price compression, a series of higher lows, and a MACD indicator turning positive. Merlijn said a breakout above the current wedge pattern could trigger a sharp upside move. He said that ETH could “launch” if the structure breaks to the upside.
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