Bitmine is once again making waves in the crypto market after revealing a fresh addition of 24,266 ETH to its balance sheet over the past week, pushing its total Ethereum holdings beyond 4.16 million tokens.
The disclosure, made in a January 12 update, places the value of its ETH treasury at roughly $12.9 billion based on prevailing market prices and further underscores the firm’s aggressive, long-term bet on Ethereum.
The latest purchase reinforces Bitmine Immersion Technologies’ position as the largest single source of what it describes as “fresh money” flowing into ETH.
Unlike passive custodial holders or legacy allocations, Bitmine’s strategy has centered on consistent, large-scale accumulation within a relatively short timeframe. In just about six months, the company has built a stake that now represents approximately 3.45% of Ethereum’s circulating supply.
“With the latest purchases, Bitmine Immersion Technologies now controls about 3.45% of Ethereum’s circulating supply.”
This level of concentration is rare among publicly visible entities and places Bitmine among the most influential ETH holders globally. Internally, management has labeled its long-term ambition the “Alchemy of 5%,” a target that would see the firm command one-twentieth of Ethereum’s total supply if achieved.
Treasury Growth Without Draining Cash
What has drawn particular attention from market observers is Bitmine’s claim that its ETH accumulation has not come at the expense of liquidity.
The company reported combined crypto assets, cash, and strategic “moonshot” investments of around $14 billion, including close to $1 billion held in cash. Executives argue this demonstrates disciplined capital management, even as the firm continues to buy ETH at scale.
That balance-sheet narrative will be front and center at Bitmine’s annual shareholder meeting in Las Vegas on January 15. Management is seeking approval to expand the number of authorized shares, a move Chairman Tom Lee says is necessary to maintain the current pace of Ethereum purchases.
“The measure is not about dilution but about flexibility,” Lee told shareholders, warning that existing authorization limits could soon force the company to slow its ETH strategy.
The request comes as Bitmine’s stock has seen intense trading activity, averaging roughly $1.3 billion in daily dollar volume over the past week. Institutional names such as ARK, Founders Fund, Pantera, Galaxy Digital, and DCG are listed among its backers, adding weight to its capital-market appeal.
Staking Becomes a Core Pillar
Beyond simple accumulation, Bitmine is steadily increasing the productive use of its ETH holdings. The company disclosed that more than 1.25 million ETH is now staked, a sharp week-on-week increase.
At current network yields, management estimates that staking its full Ethereum position could generate revenue in excess of $1 million per day.
“More than 1,256,000 ETH is now staked, up sharply from the prior week.”
For now, Bitmine is relying on a mix of third-party staking providers. However, the firm plans to internalize much of that activity with the launch of its Made in America Validator Network (MAVAN), scheduled for the first quarter of 2026.
According to executives, MAVAN is designed to meet institutional operational standards while offering clearer regulatory alignment, a factor that could appeal to large investors wary of opaque staking setups.
A Signal to the Wider Market
With ETH trading near $3,090 and volumes picking up in early 2026, Bitmine’s continued accumulation sends a strong signal about institutional sentiment toward Ethereum. The firm’s approach reads less like a short-term trade and more like a deliberate balance-sheet strategy built around ownership, yield generation, and long-term network influence.
While questions remain about concentration risk and governance optics as a single entity amasses such a large share of supply, Bitmine has shown no sign of slowing. For now, its growing treasury highlights a broader shift: Ethereum is increasingly being treated not just as a speculative asset, but as a core reserve and income-generating instrument for institutional players willing to commit at scale.
