Ether Worth $390 Million Locked up by Tom Lee’s Bitmine

Bitmine staked another 159,728 ETH worth about $390.6 million, lifting the share of its treasury put to work to 86.5%. Onchain analysts reported on Oct. 21 that Tom Lee’s Bitmine had staked another 159,728 ETH, worth about $390.6 million, taking the company’s staked position to 5.23 million ETH, valued near $12.78 billion, or 86.5% of its holdings. The moves can be followed in minute detail on Arkham’s Bitmine page , which tracks the company’s labeled wallets. In brief, staking is the process of locking ether into Ethereum’s proof-of-stake system, where validators secure the network and earn rewards in return. As of Oct. 19, Bitcoin.com News reported the company held a total of 6,041,481 ETH after buying 12,535 ETH that week, with 5,067,309 ETH already staked as of Oct. 18.

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