BitMine Immersion Technologies has strengthened its position as the largest Ethereum holder, now owning more than 3.2 percent of the total ETH supply, with ambitions to reach 5 percent.
Key Takeaways
- BitMine Immersion holds 3.97 million ETH, making it the largest Ethereum treasury in the world and the second-largest overall crypto treasury.
- The company added 102,259 ETH last week, valued at approximately $320 million, pushing total crypto and cash holdings to $13.3 billion.
- Chairman Tom Lee reaffirmed the company’s long-term bullish stance on ETH, citing 2025’s favorable crypto regulations as a catalyst.
- BitMine is also developing a staking infrastructure project called MAVAN, expected to launch in early 2026.
What Happened?
BitMine Immersion Technologies (BMNR) announced this week that it now holds nearly 4 million ETH tokens, valued at $12.2 billion, along with $1 billion in cash and additional crypto assets. This aggressive accumulation puts BitMine in control of over 3.2 percent of all Ethereum in circulation, reinforcing its target of securing 5 percent of the total ETH supply.
JUST IN:
— Tom Lee Tracker (Not actually Tom) (@TomLeeTracker) December 15, 2025
TOM LEE AND BITMINE $BMNR NOW OWN 3.2% OF THE TOTAL ETH SUPPLY … Here’s what they currently own as of December 14th
– 3,967,210 Ethereum $ETH up from 3.86M ETH on December 7th
– 193 Bitcoin $BTC
– $1 Billion of unencumbered cash
– $38M stake in Eightco pic.twitter.com/ngAhwj4yhK
BitMine’s Ethereum Bet Grows Bigger
BitMine added 102,259 ETH tokens in the past week alone, representing a fresh investment of about $320 million based on recent market prices. Despite market volatility and the broader trend of digital asset treasuries slowing accumulation, BitMine has maintained a consistent buying pace. This positions it as a notable outlier, along with Strategy Inc. (MSTR), the largest Bitcoin holder globally.
BitMine holds:
- 3.97 million ETH (valued around $12.2 billion)
- 193 Bitcoin
- $1 billion in cash
- $38 million stake in Eightco Holdings
- Total holdings: $13.3 billion
The firm is estimated to be sitting on unrealized losses of about $3 billion, given that Ethereum is trading nearly 36 percent below its August 2025 highs. However, BitMine’s leadership remains undeterred.
“The best days for crypto are ahead,” said Thomas Lee, Chairman of BitMine and founder of Fundstrat. He attributed this optimism to 2025’s positive developments in crypto regulation, including favorable legislation by the US Congress and increased support from traditional finance.
Eye on 5 Percent and Staking Expansion
BitMine has made it clear that its “Alchemy of 5%” goal is strategic. Acquiring 5 percent of Ethereum’s supply is viewed by the company as a powerful long-term bet on Ethereum’s role in the evolving financial ecosystem.
Additionally, BitMine is actively developing its staking platform, dubbed The Made in America Validator Network (MAVAN). Expected to launch in early 2026, this project aims to deliver a secure, best-in-class staking infrastructure, strengthening BitMine’s ETH utility and participation in network consensus.
High-Volume Trading and Growing Visibility
BitMine has also become one of the most actively traded stocks in the United States. With an average daily trading volume of $1.9 billion, the company now ranks 41st among US-listed stocks, just behind Boeing and ahead of Sandisk.
Its operations span Texas and Trinidad, focusing on Bitcoin mining and Ethereum accumulation strategies. The company is scheduled to host its annual shareholder meeting on January 15, 2026, at the Wynn Las Vegas, and will report its next earnings on December 18.
CoinLaw’s Takeaway
In my experience, when a company makes such a bold and sustained commitment to a single crypto asset, it signals deep conviction and strategic patience. BitMine is not just stockpiling ETH for headlines. They’re building infrastructure, staking systems, and a long-term footprint in the Ethereum ecosystem. Even with $3 billion in unrealized losses, they’re doubling down instead of backing off. That says something powerful about their belief in Ethereum’s future. I find this move bold and potentially game-changing if ETH’s adoption continues to grow.
