Bitmine Tops 4M+ ETH to Become Biggest Corporate Holder, Racing Toward 5% of Supply

Bitmine Immersion Technologies has crossed a major milestone in its Ethereum accumulation campaign, now holding just over 4 million ETH as it pushes toward a long‑term target of controlling 5% of the total Ether supply. What happened - Bitmine added 98,852 ETH in the past week, bringing its vault to 4,066,062 ETH, the company said in a press release. That makes Bitmine the largest corporate holder of Ethereum. - On Dec. 22 the company bought 13,412 ETH (about $40.61 million at the time), according to on‑chain tracker Lookonchain. Bitmine’s ETH position was accumulated at an average cost of roughly $2,991 per token. The bigger picture - Bitmine launched its ETH buying campaign in June and in under six months has risen to the top of corporate ETH treasuries—a development Chairman Thomas “Tom” Lee called a “tremendous milestone.” - The firm’s stated long‑term aim is to own 5% of total Ether supply. At present it controls about 3.37% of circulating ETH, roughly two‑thirds of its 5% goal. Lee said the company is “making rapid progress towards the ‘alchemy of 5%’” and is already seeing benefits from its sizable holdings. Balance sheet and stock performance - Bitmine also holds around $1 billion in cash, 193 BTC, and a $32 million stake in Eightco Holdings. - Since shifting to an Ethereum‑first strategy, Bitmine shares have climbed roughly 606%. However, share momentum has cooled recently as Ether slipped to multi‑month lows; ETH briefly reclaimed $3,000 over the weekend but is trading slightly below Bitmine’s average purchase price. What could drive future upside - Analysts at crypto.news point to several technical and fundamental catalysts that could lift Bitmine’s valuation. Chief among them is the company’s Made in America Validator Network (MAVAN) initiative, slated to launch in Q1 2026. MAVAN is expected to enable Bitmine to stake portions of its ETH holdings and generate recurring staking revenue, strengthening the company’s long‑term value proposition. Near‑term event - Bitmine’s latest buy comes ahead of its annual stockholders meeting on Jan. 15 at the Wynn Las Vegas. Bottom line Bitmine’s aggressive accumulation has solidified its position as a major corporate ETH holder and brought it within striking distance of its 5% supply target. With a large cash cushion, a growing ETH balance, and MAVAN on the horizon, the company is positioning itself to monetize its holdings more effectively—though near‑term share performance will remain tied to Ether price movements. Read more AI-generated news on: undefined/news