BitMine locks up $1B in Ether as big corporates stake ETH for yield
The largest corporate Ethereum holders continue seeking passive yield through staking, effectively reducing the sellable Ether supply on the open market.
Corporations are increasingly turning to Ethereum staking to earn passive yield, a shift that is tightening the amount of Ether available for sale on the open market.
BitMine Immersion Technologies, the largest corporate Ether (ETH) holder, staked 342,560 ETH worth over $1 billion in the two days leading up to Sunday, according to blockchain data platform Lookonchain.
Staking involves locking ETH into Ethereum’s proof-of-stake network to secure the blockchain in exchange for a passive annual percentage yield (APY) of about 3%–5%.
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