Key Takeaways
- Bitmine controls 3.41% of the total Ethereum supply, holding 4.1 million ETH.
- The company is pursuing a target to control 5% of the ETH token supply.
Share this article
Bitmine Immersion Technologies, one of the largest corporate crypto treasuries, acquired 44,463 Ethereum last week and now controls about 4.1 million ETH, equal to roughly 3.4% of the total supply, according to a Monday press release.
Chairman Thomas “Tom” Lee noted in a statement that the acquisition underscores Bitmine’s role as the leading net buyer of Ethereum, especially at a time when overall market activity generally softens heading into year-end.
On current declines in crypto and crypto-linked stocks, he pointed to tax-loss selling as a key factor.
“Year-end tax-loss related selling is pushing down crypto and crypto equity prices, and this effect tends to be the greatest from 12/26 to 12/30, so we are navigating markets with this in mind,” Lee stated.
Bitmine has deployed 408,627 ETH, valued at about $1.2 billion, into staking with three providers, confirming on-chain activity flagged over the weekend. The company added that its proprietary Made in America Validator Network, or MAVAN, is well on track to go live in the first quarter of 2026.
“This will be the ‘best-in-class’ solution offering secure staking infrastructure,” Lee said.
“At scale, the ETH staking fee is $374 million annual, or greater than $1 million per day,” he noted.
The company will convene its Annual Stockholder Meeting at the Wynn Las Vegas on January 15, 2026, seeking approval for four proposals, one of which would raise the authorized share count for its common stock.
