Corporates Lock $1B in ETH as Ethereum Stake Interest Grows
Large corporate treasuries are increasingly staking Ether for yield, reshaping validator dynamics and reducing sellable supply across the Ethereum market.
Corporate participation in Ethereum staking is accelerating, marking a structural shift in how large balance sheets interact with the second-largest blockchain network. In late December, a single move by one of the market’s largest corporate Ether holders was enough to reshape validator queues, signal renewed long-term confidence, and highlight how institutional strategies are quietly constraining the amount of ETH available for sale.
BitMine Stakes Over $1B Worth of Ether
BitMine Immersion Technologies, the largest known corporate holder of Ether, staked 342,560 ETH valued at more than $1 billion in the two days leading up to Dec. 28, according to on-chain data cited by blockchain analytics platform Lookonchain.
Staking involves locking Ether into Ethereum’s proof-of-stake consensus mechanism to help secure the network. In return, validators earn a passive annual yield typically ranging between 3% and 5%, paid in ETH. For corporate treasuries, this transforms otherwise idle holdings into yield-generating assets while maintaining long-term exposure to Ethereum.
The scale and timing of BitMine’s deposit had immediate network-level effects. Data from the Ethereum Validator Queue shows that the entry queue expanded to nearly twice the size of the exit queue, a reversal not seen in more than six months and a clear indication that new validators are again outweighing those seeking to withdraw.
Validator Queues Signal Renewed Confidence
At press time, approximately 745,798 ETH is waiting to enter staking, with an estimated wait time of nearly 13 days. By contrast, the exit queue stands at around 338,013 ETH, implying a shorter delay of about eight days.
This imbalance is closely watched by market participants. When the exit queue dominates, it often signals that validators are preparing to withdraw Ether—frequently interpreted as positioning for potential sales. The current reversal suggests the opposite: validators are committing fresh capital, reinforcing the perception that Ethereum staking remains attractive heading into 2026.
The shift comes after months in which withdrawals consistently exceeded new deposits, reflecting caution during periods of market volatility. The recent data points to a renewed willingness to lock capital on-chain for longer horizons.
Corporate Treasuries Chase ETH Yield
BitMine is not alone. Most of the top five corporate Ether holders are now staking substantial portions of their treasuries, turning Ethereum into a yield-bearing asset for balance sheets traditionally accustomed to bonds or cash equivalents.
Among them is SharpLink Gaming, the second-largest corporate Ether holder. The company has disclosed that it staked “nearly all” of its Ether holdings, generating 9,701 ETH in staking rewards, valued at approximately $29 million, according to its public dashboard.
Another major participant, The Ether Machine, holds roughly $1.49 billion worth of Ether and has fully staked its treasury on-chain. In October, the company announced that it consistently ranked among the top 5% of validators by staking reward efficiency—an important metric for institutions seeking predictable returns.
Collectively, this trend is reducing the amount of Ether circulating on the open market, a development often viewed as supportive for Ethereum’s long-term value dynamics.
Smart Money Sells, Whales Accumulate
Despite the growing volume of staked ETH, on-chain behavior among active traders remains mixed. According to data from Nansen, wallets classified as “smart money”—historically the highest-performing traders by returns—sold a cumulative $4.26 million worth of spot ETH over the past week across 53 wallets.
At the same time, whale wallets accumulated approximately $11.6 million worth of Ether during the same period. Additional demand came from public-figure wallets, which bought nearly $6 million in ETH, while newly created wallets added more than $517,000.
The divergence underscores a key market tension: short-term traders trimming exposure while large holders and new entrants accumulate, potentially absorbing available liquidity as staking continues to grow.
BitMine’s Expanding Ethereum Footprint
Beyond its latest staking move, BitMine has disclosed that it now controls 3.37% of Ethereum’s total token supply, a notable milestone in what it calls its long-term goal to acquire 5% of all ETH, dubbed the “Alchemy of 5%.”
As of Dec. 21, the company reported holdings of 4,066,062 ETH, valued at approximately $2,991 per token, alongside 193 Bitcoin and $1 billion in cash. Including a $32 million equity stake in Eightco Holdings and additional crypto assets described as opportunistic “moonshots,” BitMine’s combined crypto, cash, and strategic holdings reached $13.2 billion.
The disclosures highlight how some corporates are treating Ethereum not merely as a speculative asset, but as a core treasury reserve and yield-producing infrastructure layer.
Institutional Adoption and Ethereum’s Next Phase
Looking ahead, some corporate leaders see Ethereum’s role expanding far beyond staking yields. Joseph Chalom, co-CEO of SharpLink Gaming, has projected that Ethereum’s total value locked (TVL) could increase tenfold in 2026 as institutional adoption deepens.
Chalom has emphasized that the next phase of Ethereum’s growth is likely to be driven less by retail speculation and more by stablecoins, tokenized real-world assets, and institutional infrastructure migrating on-chain. This view aligns with broader industry trends as major financial firms explore public blockchains for settlement, custody, and asset issuance.
As corporate treasuries continue to stake Ether and institutional use cases expand, Ethereum’s economic model is quietly evolving. More ETH is being locked, fewer tokens are freely circulating, and long-term holders are increasingly aligned with the network’s security and yield mechanisms. If these dynamics persist, the impact may extend well beyond short-term price action—reshaping Ethereum’s role in both crypto markets and corporate finance in the years ahead.
