Staking, strategy, and why BitMine may avoid selling ETH

[madmax]

Roughly half of BitMine’s Ethereum holdings are staked, earning yield but locked behind Ethereum’s validator exit queue, which could delay withdrawals for weeks. While this limits the risk of an instant market shock, it also creates prolonged uncertainty as traders anticipate future supply.

Strategically, selling ETH would dismantle BitMine’s core thesis as an “Ethereum supercycle” play, including plans for a U.S.-based validator network launching in 2026. A sale would leave the company cash-heavy but largely disconnected from future ETH upside.

For shareholders and for Tom Lee’s public reputation as a long-term Ethereum bull, liquidation would likely signal capitulation — making it the nuclear option BitMine appears determined to avoid.