Bitmine Immersion Technologies said it acquired another 40,302 ETH over the past week, lifting its total Ethereum holdings to 4,243,338 ETH as of January 25. The company said its crypto assets, cash, and strategic investments now total $12.8 billion, keeping it in the lead as the largest corporate Ethereum holder.
Asset base reaches $12.8 billion, ETH share stands at 3.52% of supply
In its January 26, 2026 update, Bitmine listed the core pieces of that balance sheet: 4,243,338 ETH valued at about $2,839 per coin, 193 BTC, an initial $200 million investment in Beast Industries, a $19 million position in Eightco Holdings (NASDAQ: ORBS), and $682 million in cash.
Using that framework, the company said its ETH holdings now represent 3.52% of global circulating supply. Bitmine also said it has completed nearly 70% of its “Alchemy of 5%” target over the past six months. The message from the filing was plain: keep accumulating ETH and expand its position.
More than 2 million ETH staked, annual staking income estimated at $374 million
Bitmine said 2,009,267 ETH has already been staked. Based on the company’s figures, its staking rate, or CESR, stands at 2.81%, equal to about $374 million in annual income and more than $1 million per day.
The company also said it expects to launch its own commercial MAVAN staking solution, short for Made in America Validator Network, in early 2026. Bitmine described the product as part of the infrastructure supporting its validator operations and growing staking footprint.
Tom Lee says Wall Street has embraced crypto and blockchain assets
Chairman Tom Lee said in the announcement that discussions at the World Economic Forum in Davos showed a sharp change in how policymakers and financial executives view digital assets. In his view, Wall Street now accepts crypto and blockchain-based assets as part of the mix with traditional finance.
Lee also said Ethereum remains the most widely used and most trusted blockchain platform on Wall Street. He linked the rise in the ETH/BTC ratio to investor recognition of Ethereum’s tokenization use cases. Bitmine’s long-term plan, he said, is still centered on buying more ETH and building out MAVAN as a staking platform while pursuing its target of holding 5% of all ETH.
On-chain estimate points to roughly $4 billion in unrealized losses
The larger position has not erased the gap between market value and acquisition cost. According to on-chain analyst @EmberCN, cited in the report, Bitmine’s average ETH entry price is about $3,849 per coin. On that basis, the company is still carrying about $4 billion in unrealized losses.
The report also contrasted Bitmine with MicroStrategy, described there as the largest corporate Bitcoin reserve holder. Even with recent Bitcoin price weakness, MicroStrategy’s average purchase price remains below the current market level, leaving it with nearly $8.4 billion in unrealized gains, according to the source material.