One of the largest Ethereum holders, BitMine Immersion Technologies, has doubled down with a $98 million Ether purchase and a new staking network set to launch in 2026.
Key Takeaways
- BitMine purchased $97.6 million in ETH, acquiring 32,938 tokens amid a quiet year-end crypto market.
- Its total Ether holdings now exceed 4.1 million, valued at roughly $12 billion, making it the largest publicly disclosed ETH treasury.
- The company plans to launch its Made in America Validator Network (MAVAN) in early 2026 to monetize these holdings through staking.
- BitMine forecasts $374 million in annual staking fees, projecting over $1 million per day in future rewards.
What Happened?
Ethereum-focused investment firm BitMine Immersion Technologies made headlines by acquiring nearly $98 million in Ether, bringing its total ETH holdings to over 4.1 million. This move comes despite a sluggish crypto market, which has seen minimal price movement due to tax-related sell-offs and reduced trading activity during the holiday season.
BitMine is also advancing plans to launch MAVAN, its own validator network, to turn its massive Ethereum stash into a major source of staking revenue.
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— Bitmine (NYSE-BMNR) $ETH (@BitMNR) December 29, 2025
BitMine provided its latest holdings update for Dec 29th, 2025:
$13.2 billion in total crypto + “moonshots”:
– 4,110,525 ETH at $2,948 per ETH (@coinbase)
– 193 Bitcoin (BTC)
– $23 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– total cash of $1.0…
BitMine’s $98M Ether Buy During a Sluggish Market
BitMine’s latest buy included 32,938 ETH worth $97.6 million. According to on-chain analytics from Nansen, this brings the company’s total ETH stash to 4.07 million as of late December 2025, with an estimated valuation of $12 billion.
Tom Lee, Chairman of BitMine and founder of Fundstrat, explained the timing, attributing the price pressure to typical year-end tax-loss selling:
He also pointed out that institutional investors’ absence during the holiday season often allows automated trading bots to dominate, stalling price momentum.
Despite the seasonal dip, BitMine has continued its aggressive acquisition strategy, purchasing over 77,400 ETH in just one week. The company has consistently bought over 40,000 ETH weekly for more than ten weeks straight, making it, in Lee’s words, the largest “fresh money” buyer of Ethereum.
MAVAN: BitMine’s Next Big Move in Ethereum Staking
Looking beyond accumulation, BitMine is gearing up to monetize its Ethereum holdings. In early 2026, it plans to launch its proprietary staking platform, the Made in America Validator Network (MAVAN).
The MAVAN network will serve as a dedicated infrastructure to validate transactions on the Ethereum network, generating staking rewards from network activity. BitMine projects $374 million in annual revenue from MAVAN, assuming optimal validator uptime and staking volume.
- MAVAN will begin operations in early 2026.
- BitMine has already staked 408,627 ETH with third-party providers in preparation.
- If projections hold, BitMine could earn over $1 million daily from staking alone.
BitMine’s Strategic Position and Market Influence
BitMine is not only leading in Ethereum accumulation but also positioning itself as a major player in staking infrastructure. The company recently added another 44,463 ETH to its holdings, and its stock, BMNR, now averages $980 million in daily trading volume, ranking 47th among US-listed equities.
As of December 2025, BitMine’s total holdings in crypto and cash reached $13.2 billion, including $1 billion in liquid reserves. This liquidity and strategic positioning could prove crucial as it transitions from accumulation to monetization.
CoinLaw’s Takeaway
In my experience, when a firm not only hoards a massive crypto treasury but also builds infrastructure to generate daily yield from it, that’s a power move. BitMine isn’t just buying the dip. It’s setting the foundation for long-term, recurring revenue that doesn’t rely on market volatility. With MAVAN on the way and institutional-grade Ethereum holdings, BitMine is clearly playing the long game. I found their approach to be calculated and bold, especially during a time when others are offloading assets for tax reasons.
