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Bitmine staked $508 million worth of Ethereum, totaling over 5 million ETH. This represents about 10.5% of the total staked supply. The company aims to increase its exposure to Ethereum by staking a significant portion of its holdings. Chairman Tom Lee noted the rapid accumulation of ETH and the firm’s strategy of staking and controlling the supply. Bitmine’s growing position in the market has raised concerns about staking concentration and institutional activity.
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