Bitmine Immersion Technologies is continuing its rapid expansion in the Ethereum market, adding another 44,463 ether to its treasury over the past week and bringing its total holdings to a level that now represents about 3.41% of Ethereum’s circulating supply.
The update, disclosed by the company on Monday, follows Bitmine’s announcement last week that it had surpassed 4 million ETH in total holdings. The firm has made no secret of its ambitions, outlining a longer-term goal of acquiring up to 5% of the Ethereum network’s total supply.
BitMine Immersion Technologies, Inc.
At current market prices, Bitmine’s ether treasury is valued at just over $12 billion. When combined with its bitcoin and cash reserves, the company’s total crypto and cash holdings stand at approximately $13.2 billion as of Dec. 28. Its balance sheet includes 4,110,525 ETH, 192 bitcoin, and $1 billion in cash.
Chairman Tom Lee said the latest purchases took advantage of softer year-end market conditions. He described Bitmine as the largest source of “fresh money” flowing into ether over the past week, a period marked by tax-loss selling from other market participants.
Beyond accumulation, Bitmine is also moving deeper into Ethereum’s ecosystem. The company has begun staking a portion of its holdings, with more than 408,000 ETH currently committed. This step aligns with its plans to launch the Made in America Validator Network, which is scheduled to go live in early 2026.
Market reaction has been mixed in the short term. Bitmine shares (BMNR) were recently trading around $28.50, down nearly 13% over the past week. Ether prices were hovering near $2,950, reflecting broader market conditions rather than company-specific developments.
