Some companies talk strategy. Others just buy.
Bitmine Immersion Technologies, led by Tom Lee added another 44,463 ETH in just seven days. That single move pushed its treasury to roughly 3.41% of Ethereum’s circulating supply. And yes the goal is still the same: get to 5%.
Here’s what makes the timing interesting.
The buying happened during year-end tax-loss selling. Markets were under pressure. Liquidity was thin. And Bitmine stepped in as one of the most aggressive buyers. According to Lee, this December window (Dec. 26–30) is where some of the best deals usually appear.
Let’s talk numbers, because they matter.
As of December 28, Bitmine’s crypto + cash war chest sits at about $13.2 billion:
- 4,110,525 ETH worth over $12 billion
- 192 BTC
- $1 billion in cash reserves
And they’re not just sitting on it.
More than 408,000 ETH has already been deployed into staking across three providers, while the company builds its “Made in America” Validator Network, slated for early 2026.
If the entire treasury eventually moves into staking, Bitmine estimates about $374 million in annual revenue, assuming today’s composite staking rate of ~2.81% holds.
Of course, markets don’t always reward long-term plays on short timelines.
Bitmine stock (BMNR) recently slid ~13% to around $28.50 over the past week, despite the accumulation spree. Meanwhile, Ethereum hovered near $2,950, showing far less volatility. That disconnect is something shareholders are watching closely.
And make no mistake, Bitmine is now a major player.
It’s the world’s largest publicly traded Ethereum treasury, and the second-largest corporate crypto treasury overall, trailing only Strategy’s Bitcoin stash.
Heading into the January 15 shareholder meeting at the Wynn Las Vegas, Lee is pushing support for proposals tied to one big objective:
Own 5% of Ethereum’s supply — and hold it.
The bigger takeaway? Accumulation isn’t hype. It’s strategy. And Bitmine is betting that controlling a meaningful chunk of the Ethereum network will matter more than short-term price swings.
