Bitmine Immersion Technologies (BMNR) has significantly expanded its ethereum treasury, taking its holdings to a scale rarely seen among public companies. The firm said that, as of Jan. 25, it held 4,243,338 ETH, helping lift its combined crypto and cash position to $12.8 billion. Based on the pricing referenced by the company, ethereum now represents the overwhelming majority of Bitmine’s balance sheet.
Ethereum treasury grows to global-leading size
In addition to its ETH position, Bitmine reported holdings of 193 bitcoin, $682 million in cash, and several higher-risk equity-style investments, including a $200 million stake in Beast Industries. The company said its ethereum reserve now equals roughly 3.52% of total ETH supply, bringing it closer to its stated ambition of accumulating 5% of all circulating ethereum.
That scale makes Bitmine the world’s largest corporate ethereum treasury holder and the second-largest crypto treasury overall, behind only Strategy Inc. The update highlights how aggressively some corporate players are now positioning around digital assets, not only as speculative holdings but as part of a broader financial infrastructure strategy.
Staking becomes a more meaningful revenue layer
Bitmine also said that more than 2 million ETH are currently staked, with that figure rising sharply over the past week. As deployment expands, the company indicated that annualized staking fees could eventually reach the hundreds of millions of dollars. It also plans to launch its Made in America Validator Network, or MAVAN, later this year.
Chairman Tom Lee linked the company’s approach to growing institutional acceptance of blockchain-based finance. He pointed to discussions among policymakers and financial leaders at Davos around tokenization and onchain settlement, arguing that ethereum remains the preferred network for Wall Street experimentation and implementation.
Stock liquidity supports treasury expansion
Beyond its asset mix, Bitmine emphasized the trading liquidity of BMNR shares. According to the company, the stock now ranks among the most actively traded U.S. equities by dollar volume, a factor it believes strengthens its ability to keep scaling crypto net asset value per share. Taken together, Bitmine’s strategy combines large-scale ETH accumulation, expanding staking activity, and capital-markets access to build an enterprise platform centered on ethereum.