BitMine has added 40,302 ETH to its treasury in one week, raising its Ethereum holdings to over 4.24 million ETH, or 3.52 percent of the total supply.
Key Takeaways
- BitMine now holds 4.24 million ETH, nearly 70 percent of its long-term target of 5 percent of total Ethereum supply.
- Over 2 million ETH are staked, generating estimated annual revenue of $374 million through Ethereum’s staking protocol.
- The MAVAN staking platform, scheduled to launch in Q1 2026, will support BitMine’s validator operations.
- BitMine’s total balance sheet stands at $12.8 billion, including crypto holdings, cash, and strategic investments.
What Happened?
Crypto infrastructure firm BitMine Immersion Technologies, led by Tom Lee, has intensified its Ethereum accumulation strategy. In its largest ETH purchase of the year, the company added 40,302 ETH in a single week, increasing its total holdings to 4,243,338 ETH. This accounts for approximately 3.52 percent of Ethereum’s circulating supply.
BitMine’s staking operations have also grown rapidly. The company now has over 2 million ETH staked, while its MAVAN validator network is expected to go live in early 2026 to further support and scale these operations.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) January 26, 2026
BitMine provided its latest holdings update for January 26th, 2026:
$12.8 billion in total crypto + “moonshots”:
– 4,243,338 ETH at $2,839 (@coinbase)
– 193 Bitcoin (BTC)
– $200 mllion stake in Beast Industries @MrBeast
– $19 million stake in Eightco Holdings (NASDAQ: $ORBS)…
BitMine Sharpens Ethereum Focus With Massive Treasury Build
BitMine has been purchasing Ethereum at a fast pace under its “Alchemy of 5%” initiative, which aims to control 5 percent of the total ETH supply. The latest acquisition of 40,302 ETH, worth approximately $117.1 million at current prices, brings the company close to 70 percent of its target.
With a total ETH holding of 4.24 million tokens, BitMine ranks as the largest Ethereum treasury holder in the world, ahead of SharpLink and The Ether Machine. The circulating supply of Ethereum is currently around 120.7 million, placing BitMine’s share at 3.52 percent.
Key Balance Sheet Highlights:
- ETH holdings: 4.24 million ETH ($12.3 billion)
- BTC holdings: 193 BTC ($17 million)
- Cash: $682 million
- Strategic investments:
- $200 million in Beast Industries
- $19 million stake in Eightco Holdings
BitMine’s overall crypto and cash reserves total $12.8 billion. Its stock, BMNR, averages $1.2 billion in daily trading volume and is among the top 100 most traded U.S. equities.
Staking More Than Anyone Else
BitMine has converted nearly half of its ETH treasury into staked assets, with 2,009,267 ETH now earning protocol rewards. Just in the past week, the company increased its staked holdings by over 170,000 ETH.
With a Composite Ethereum Staking Rate (CESR) of 2.81 percent, BitMine estimates its annual staking rewards at $374 million, or roughly $1 million in daily earnings.
To support these efforts, BitMine is preparing to launch its own staking infrastructure under MAVAN (Made in America Validator Network). The commercial launch is planned for Q1 2026, and the system is expected to provide secure, U.S.-based validator services to manage a significant portion of its own staked ETH.
Tom Lee Sees Ethereum as Wall Street’s Blockchain
Chairman Tom Lee emphasized that Ethereum has become the most widely used and most reliable blockchain, citing its zero downtime since launch and growing adoption in institutional finance.
He pointed to increasing investor interest in tokenization projects being built on Ethereum and noted that Ethereum’s value relative to Bitcoin has been steadily rising since mid-October. Lee added that conversations at the World Economic Forum in Davos revealed a growing acceptance of digital assets by traditional finance leaders.
Lee said:
CoinLaw’s Takeaway
I find BitMine’s strategy both aggressive and calculated. Buying 40,000 ETH in just a week is not only a bold move but a clear signal that big players see Ethereum as the core of the future financial system. In my experience, companies don’t commit to these numbers unless they’ve got a strong conviction in the long-term utility of the asset.
What impresses me most is that BitMine is not just buying and holding. They’re staking more ETH than anyone else and building out MAVAN to power their own infrastructure. That’s serious skin in the game. I think 2026 could really be the year Ethereum shifts from just being a crypto asset to a full-blown financial backbone.
