BitMine Immersion Technologies Inc. (BMNR) shares climbed Monday after the company announced it now controls 3.41% of all Ethereum in circulation. That's a remarkably large stake in the second-biggest cryptocurrency, and it's turning heads across the market.
Following Strategy's Bitcoin Playbook
BitMine says its combined crypto holdings, cash and "moonshot" investments now total $13.2 billion. The breakdown as of Dec. 28 at 6:00 p.m. ET: 4,110,525 ETH valued at $2,948 each, 192 Bitcoin (BTC), a $23 million stake in Eightco Holdings Inc. (ORBS), and $1 billion in cash. The company is now about two-thirds of the way toward its ambitious "Alchemy of 5%" target, which presumably means owning 5% of all Ethereum.
"Market activity tends to slow as we enter the final holiday weeks of a calendar year. Bitmine added 44,463 ETH in the past week, as we continue to be the largest 'fresh money' buyer of ETH in the World," said Thomas Lee of Fundstrat, chairman of BitMine.
Staking Its Claim
Here's where it gets interesting. The company is working with three staking providers to prepare for its commercial MAVAN (Made in America Validator Network) launch in 2026. As of Dec. 28, BitMine's total staked ETH stands at 408,627 tokens, worth $1.2 billion at $2,948 per ETH.
"At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the ETH staking fee is $374 million annual (using 2.81% CESR), or greater than $1 million per day," Lee stated. That's real money flowing in just from holding and validating Ethereum transactions. The company expects to deploy MAVAN in early 2026.
Joining Elite Company
With its massive holdings, BitMine is now the world's largest Ethereum treasury and the second-largest overall crypto treasury. Only Strategy Inc. (MSTR) is bigger, holding 671,268 BTC valued at $59 billion. BitMine has also become one of the most actively traded stocks in the U.S., averaging $980 million in daily trading volume over the past five days.
BMNR Price Action: BitMine shares were up 0.85% at $28.54 at the time of publication on Monday.
