BitMine Immersion Technologies is positioning itself as a prominent player in the Ethereum staking landscape, recently boosting its treasury and staking portfolio. During early January, the company acquired over 72,000 ETH across several transactions, totaling approximately $227 million. This move underscores a commitment to long-term staking yield rather than engaging in short-term trading tactics.
The latest acquisitions have elevated BitMine”s staked Ethereum holdings to over 827,000 ETH, which is valued at around $2.62 billion. This ongoing accumulation reflects the company”s consistent strategy, as recent purchases, while lower than December”s average of 96,000 ETH per week, indicate a stable execution of its plans.
As of January 4, BitMine had staked more than 659,000 ETH, laying the foundation for a fully integrated staking operation. Central to this initiative is the upcoming Made in America Validator Network (MAVAN), a proprietary staking platform set to launch in early 2026. Chairman Tom Lee has stated that MAVAN aims to provide institutional-grade security while retaining staking rewards internally, rather than relying on external sources.
Lee projects that, once all Ethereum holdings are fully staked, annual revenue from staking could reach $374 million, assuming a modest 2.81% effective staking rate. This equates to more than $1 million in protocol-level rewards every day. Currently, BitMine possesses approximately 4.14 million ETH, which represents about 3.4% of the total Ethereum supply and reveals the company”s ambition to claim a 5% stake.
Management has expressed clear intentions to not only hold a substantial treasury but also to become an active participant in Ethereum”s proof-of-stake ecosystem. The company”s total holdings stand at $14.2 billion in cash and digital assets, with $915 million in cash readily available.
Lee has linked this strategy to a broader macroeconomic outlook, suggesting that if Bitcoin approaches $1 million, Ethereum could potentially reach $250,000. This perspective has garnered mixed reactions within the market.
Moreover, Ethereum has started 2026 on a positive note, with data from CoinMarketCap indicating a nearly 9% increase over the past week, although it remains about 36% below its all-time high of approximately $4,954. Recent trading valued ETH around $3,150.
BitMine”s aggressive treasury strategy is also reflected in the equity markets, where shares of BMNR experienced a notable rally before experiencing a pullback. Investors are weighing the potential benefits of Ethereum exposure against the backdrop of a controversial proposal to significantly increase the company”s authorized share count from 500 million to 50 billion shares. Management argues that this increase is necessary to facilitate future capital raises, pursue mergers and acquisitions, and maintain flexibility for potential stock splits.
Despite short-term fluctuations, BitMine”s direction remains clear: the company is establishing itself as a staking-oriented Ethereum institution and embedding its infrastructure and capital into the economic framework of the protocol. If successful, this approach could transform how publicly traded companies engage with proof-of-stake networks, moving from a passive investment strategy to active participation.
