Grayscale and Bitmine Stake Nearly $500M in Ethereum, Locking One-Third of Supply

Grayscale and Bitmine surged Ethereum staking with nearly $500 million committed over April 24-25, including Grayscale's 102,400 ETH ($237M) via its ETF across 32 transactions and Bitmine's 112,040 ETH ($259.6M), pushing its total to 3.7 million ETH. Network-wide, 39 million ETH—one-third of supply—is now locked, amplifying long-term bullish pressure via reduced liquidity. Grayscale's ETHE/ETH holds $4B AUM, $38M rewards, and $337M Q1 inflows, but markets ignored it with no price reaction and Polymarket's ETH $10,000-by-2026 odds steady at 4%.