Digital asset treasury company Bitmine Immersion Technologies revealed on Monday that its Ethereum holdings surpassed 4.16 million tokens as of Jan. 11, lifting total crypto and cash assets to approximately $14 billion. The ETH position accounts for roughly 3.45% of the total Ethereum supply, placing Bitmine among the largest single holders of the asset.
Breakdown of Holdings and Recent Purchases
The company's portfolio comprises approximately 4.17 million ETH, $988 million in cash, 193 BTC, and a $23 million equity stake classified as "moonshots." Over the past week, Bitmine acquired 24,266 ETH while boosting its cash balance by $73 million. The firm said it continues to prioritize growing ETH per share and issuing equity only at a premium to net asset value to maintain flexibility.
Chairman Tom Lee stated: "Bitmine only issues equity selectively and only at a premium to mNAV. We remain the largest ‘fresh money’ buyer of ETH in the world." Lee added that once its validator network MAVAN launches commercial operations, the company will become the largest staking provider in the entire crypto ecosystem.
Staking Expansion and MAVAN Timeline
As of Jan. 11, Bitmine had staked 1,256,083 ETH, valued at roughly $3.9 billion — a one-week increase of nearly 597,000 ETH. The firm is working with multiple staking providers while preparing to launch the Made in America Validator Network (MAVAN), expected to begin commercial operations in early 2026. Bitmine estimates that fully staking its ETH holdings could generate hundreds of millions of dollars annually based on prevailing network rates.
Shareholder Meeting and Next Steps
Bitmine will hold its annual shareholder meeting on Jan. 15 in Las Vegas, where a proposal to increase authorized shares will be voted on. The company says the move is necessary to continue expanding its Ethereum-focused treasury strategy. The aggressive accumulation and staking push underscore Bitmine's bet on Ethereum's long-term value, even as broader crypto markets face volatility.