BitMine Immersion Technologies Inc (NYSE: BMNR) has seen its stock price rise on Monday as the company disclosed new benchmarks in its cryptocurrency asset accumulation and strategic development plans. BitMine now reports direct control of approximately 3.41% of all Ethereum tokens currently in circulation, underscoring its significant presence within the Ethereum ecosystem.
According to the company’s latest financial disclosures, as of December 28 at 6:00 p.m. Eastern Time, BitMine's crypto portfolio includes a total of 4,110,525 ETH. Each Ethereum token was valued at approximately $2,948, situating the company’s Ethereum holdings near a valuation of $12.1 billion. Complementing the Ethereum assets are 192 Bitcoin tokens, as well as a $23 million equity stake in Eightco Holdings Inc (NASDAQ: ORBS). In addition, the firm maintains a cash reserve of $1 billion, further contributing to its extensive asset base.
Overall, BitMine’s combined assets across cryptocurrencies, liquid cash, and what it terms “moonshot” investments now amount to approximately $13.2 billion. The firm reported it is roughly two-thirds of the way toward fulfilling its ambitious initiative known as the “Alchemy of 5%,” which targets acquiring control over 5% of the total circulating Ethereum supply.
Market conditions typically experience a slowdown in transactional volume as the year-end holidays approach, however BitMine continues its acquisition pace. In the preceding week alone, the company expanded its Ethereum stake by adding 44,463 ETH, solidifying its stature as the world’s largest buyer of fresh Ethereum capital during that period.
Thomas Lee, chairman of BitMine and an analyst at Fundstrat, remarked on the company’s buying activity: “Market activity tends to slow as we enter the final holiday weeks of a calendar year. BitMine added 44,463 ETH in the past week, as we continue to be the largest ‘fresh money’ buyer of ETH in the world.”
Preparing for broader commercial engagement, BitMine is collaborating with three distinct staking service providers in advance of the scheduled 2026 launch of its own commercial validator network named MAVAN (Made in America Validator Network). This project aims to enhance Ethereum staking operations and expand BitMine’s role in securing the Ethereum blockchain.
As of the end of 2025, specifically December 28, the total amount of Ethereum staked by BitMine reaches 408,627 ETH, which is valued at approximately $1.2 billion based on the current price per ETH.
Lee further outlined the financial implications of MAVAN’s scale, noting, “At scale, when BitMine’s ETH is fully staked by MAVAN and its staking partners, the ETH staking fee revenue would total $374 million annually, based on a 2.81% Consensus Ethereum Staking Reward (CESR). This amounts to more than $1 million in daily fee income.” The company anticipates launching the MAVAN platform in early 2026.
Within the context of cryptocurrency treasuries, BitMine currently stands as the largest Ethereum treasury globally and ranks second among all crypto treasuries overall. It is surpassed only by Strategy Inc (NASDAQ: MSTR), which holds 671,268 Bitcoin tokens valued at approximately $59 billion.
BitMine’s prominence is also reflected in its stock market activity. The company has emerged as one of the most actively traded U.S. equities recently, with an average daily trading volume reaching $980 million over the last five trading days.
Regarding its stock performance, BitMine shares traded at around $28.54 per share, recording a modest gain of 0.85% at the time of reporting on Monday, according to Benzinga Pro data.
Key Points
- BitMine controls approximately 3.41% of all circulating Ethereum, holding over 4.1 million ETH tokens worth nearly $12.1 billion.
- The company’s total crypto holdings, cash reserves, and strategic investments sum to $13.2 billion.
- BitMine is advancing its staking capabilities through the upcoming launch of MAVAN in 2026, collaborating with multiple staking providers.
- At full scale, BitMine’s staked Ethereum is projected to generate over $374 million in annual staking fees.
Risks and Uncertainties
- Market Activity Seasonality: The year-end slowdown in trading markets may affect BitMine’s short-term acquisition rate and liquidity.
- Project Deployment Timeline: The MAVAN staking network is targeted for early 2026, but delays or execution risks could affect projected staking fee income.
- Cryptocurrency Price Volatility: Fluctuations in Ethereum and Bitcoin prices could materially affect the valuation of holdings and overall company assets.
- Staking Fee Assumptions: Revenue projections based on the current Consensus Ethereum Staking Reward (CESR) may vary with network conditions and protocol changes.