In a significant move for the cryptocurrency landscape, Bitmine has now amassed over 4.2 million ETH, reinforcing its position as the largest corporate holder of Ethereum. This acquisition, confirmed on Monday, is part of an aggressive accumulation strategy that has expanded Bitmine”s total crypto balance sheet to an impressive $14.5 billion.
As of January 19, 5:00 p.m. ET, Bitmine”s holdings include 4,203,036 ETH, which is valued at $3,211 per token. This figure represents approximately 3.48% of Ethereum”s total circulating supply of 120.7 million ETH. The company is nearing its strategic ownership goal, referred to by CEO Lee as the “Alchemy of 5%,” which they believe will provide significant leverage within the Ethereum ecosystem.
In addition to its ETH holdings, Bitmine also possesses 193 BTC and $979 million in cash reserves, complemented by a $22 million investment in Eightco Holdings. This diverse asset mix solidifies Bitmine”s standing in the market, particularly as it looks forward to a $200 million investment in Beast Industries expected to close soon.
Expansion of Staking Operations
Bitmine is not only focused on accumulation but is also scaling its staking operations ahead of the launch of its Made in America Validator Network (MAVAN). Currently, the company has staked 1,838,003 ETH, valued at around $5.9 billion, marking an increase of 581,920 ETH in just one week. This staked amount accounts for less than half of Bitmine”s total ETH holdings, indicating potential for substantial staking revenue that remains untapped until its commercial infrastructure becomes fully operational.
Lee noted that when all ETH is staked via MAVAN and partner providers, Bitmine could generate an estimated $374 million annually in staking rewards, based on the current 2.81% CESR. “Bitmine has staked more ETH than other entities in the world,” he asserted, emphasizing the company”s robust staking strategy as it prepares for the MAVAN deployment slated for early 2026.
Shareholder Support and Market Dominance
During the annual stockholder meeting held on January 15 in Las Vegas, Bitmine secured overwhelming support for all four proposed measures, with the most notable being Proposal #2 to increase authorized shares, which received 81% of the votes cast. This outcome reflects strong trust from a shareholder base exceeding 500,000 retail investors. Lee reiterated that Bitmine does not sell shares below mNAV, interpreting the vote as a mandate for continued aggressive growth.
Bitmine”s trading activity remains noteworthy, averaging $1.5 billion in daily trading volume, making it one of the most actively traded stocks among crypto-focused public companies. According to data from Fundstrat, Bitmine ranks as the 60th most traded stock in the U.S., surpassing companies like Accenture and trailing American Express. With its significant Ethereum treasury and overall crypto holdings, Bitmine stands as the leading corporate entity in the Ethereum space and the second overall in corporate crypto treasury, following Strategy Inc. (formerly MicroStrategy).
