Bitmine Immersion Technologies made a statement with its asserted accumulation and staking of Ethereum. In just a few months, the company has amassed one of the largest known ETH hoards held by a publicly traded company, steadily moving toward its stated ambitious goal of controlling 5% of Ethereum’s total supply.
According to to a recent revelation, Bitmine now holds approximately 4.17 million Ethereum (ETH) tokens, or approximately 3.45% of the total circulating supply. Additionally, the company’s total ETH staked has now exceeded 1.2 million tokens.
High stakes and a clear objective
Bitmine is now the largest fresh silver buyer of ETH around the world, and its ETH buying spree has kept many Ethereum investors in suspense as to how this could affect the altcoin’s price.
Bitmine Immersion invested approximately $3.9 billion of Ethereum in staking under the leadership of Tom Lee, a move that shows his belief in ETH’s long-term prospects and the company’s desire to generate returns for its investors. In particular, the total ETH staked by the company has now exceeded 1.2 million tokens, bringing him closer to his self-proclaimed “5% Alchemy” goal of owning 5% of all Ethereum in circulation.
Bitmine’s approach to staking is starting to be much more than just passive yield. The company is preparing to launch its own Made in America Validation Network (MAVAN), which it says will be one of the largest ETH staking infrastructures in the ecosystem once operational.
This means that Bitmine is now looking to move from simply holding and staking Ether through third parties to becoming a staking infrastructure provider. If all ETH staked by Bitmine were managed by MAVAN and its partners at current rates, Ethereum staking fees could generate approximately $370 million for the company.
Growing the Balance Sheet to Support Ethereum Accumulation
Bitmine’s balance sheet stretches well past its staking operations. The company now holds a diverse pool of assets including Bitcoin, Ethereum, other digital assets, and cash, with total assets valued at approximately $14 billion, including just over 4 million in ETH.
Interestingly, the company has continued to grow its holdings in recent weeks, while increasing its liquid cash position. Most recent purchase was 24,266 ETH last week.
At the same time, the company made a corporate decision that it believes is critical to maintaining this strategy of steadily accumulating more Ethereum tokens. Notably, Bitmine is now looking for a a positive vote of 50.1% of shareholders to increase the number of shares authorized at its next annual meeting of shareholders scheduled for January 15, 2026.
According to the company, the current authorization of 500 million shares is close to being fully used, and once this limit is reached, its ability to continue acquiring Ethereum at the current rate would slow significantly.
Featured image from Getty Images, chart from Tradingview.com
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