Bitmine Immersion Technologies, chaired by Fundstrat co-founder Tom Lee, has continued to aggressively expand its Ethereum treasury acquiring 32,977 ETH in the past week despite slower market activity toward the end of 2025.
The purchase brings Bitmine’s total crypto, cash and strategic investment holdings to $14.2 billion. As of January 4, Bitmine held 4.14 million ETH, representing approximately 3.43% of the total Ethereum supply, alongside 192 BTC and $915 million in cash.
The company describes itself as the world’s largest “fresh money” buyer of ETH, steadily progressing toward what it calls the “Alchemy of 5%” target—owning five percent of the total ETH supply.
Staking Strategy and MAVAN Rollout
Bitmine has also expanded its Ethereum staking operations. Total staked ETH reached 659,219 ETH, valued at roughly $2.1 billion, following a weekly increase of more than 250,000 ETH.
At current composite Ethereum staking rates of around 2.8%, the company estimates potential annual staking income of $374 million once its ETH is fully deployed.
Central to this plan is Bitmine’s upcoming Made in America Validator Network (MAVAN), a commercial staking solution expected to launch in the first quarter of 2026.
The company is also currently working with three staking providers while finalizing MAVAN, which Lee described as a “best-in-class” secure staking infrastructure designed to optimize yield and long-term returns.
Macro Tailwinds and Ethereum Conviction
Lee highlighted several macro and structural tailwinds supporting Bitmine’s Ethereum-focused strategy including growing US government support for crypto, increased adoption of stablecoins and tokenization on Wall Street and rising demand for authentication and proof-of-provenance solutions in an AI-driven economy.
He also pointed to parallels between today’s crypto market and the post–Bretton Woods financial system shift of the early 1970s, arguing that regulatory developments such as the GENIUS Act and the SEC’s Project Crypto could prove similarly transformative for digital assets.
Market Position and Shareholder Focus
Bitmine now ranks as the largest Ethereum treasury in the world and the second-largest global crypto treasury overall, behind Strategy’s bitcoin holdings.
The company has also emerged as one of the most actively traded US stocks, with average daily trading volume approaching $1 billion, placing it among the top 50 most traded equities nationwide.
Bitmine will hold its annual stockholder meeting on January 15, 2026, in Las Vegas, where shareholders will vote on proposals including an increase in authorized shares.
Management says the flexibility would support future capital markets activity, selective acquisitions, and continued ETH accumulation—all aimed at increasing crypto net asset value per share over the long term.
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