While others chase the ETF hype, Bitmine is building a treasury that looks more like a sovereign wealth fund than a mining company. In its latest disclosure, the company revealed a total of $14.2 billion in holdings, anchored by a massive 4.14 million Ethereum. [ETH] position.
With 3.43% of all ETH, Bitmine is therefore turning from an investor into one of the most influential holders of the network.
Tom Lee weighs in
Making the same comment on this, Thomas “Tom” Lee of Fundstrat, Chairman of Bitmine, said,
“In the last week of 2025, overall stock and crypto activity slowed, and yet we acquired 32,977 ETH in the past week.”
Lee continued,
“Our analysis shows that Bitmine has continued to accumulate ETH at an accelerated pace versus other Ethereum DATs. We remain the largest ‘fresh money’ buyer of ETH in the world.”
In addition to buying ETH, Tom Lee is also asking shareholders to approve a large increase in the number of authorized shares on January 15.
This move would give Bitmine the flexibility it needs to launch its largest project yet, called the Made in America Validator Network (MAVAN).
Commenting on this, Lee added:
“We continue to make progress on our staking solution, known as The Made in America Validator Network (MAVAN). This will be the best-in-class solution providing a secure staking infrastructure and will be deployed in early 2026.”
Market dynamics and more
The latest update cements Bitmine as the largest ETH treasury and second only to Strategy in total crypto holdings. While the company currently owns a whopping 4.14 million ETH, only 659,219 ETH (approximately $2.1 billion) is currently staked.
Recently, the company staked another 118,944 ETH, increasing its total stake position even higher.
Meanwhile, on the price front, BMNR stock saw up 2.91% to trade at $33.35, while the price of Ethereum itself rose 1.9% hit $3,239 at the time of writing.
Therefore, just like Michael Saylor turned an existing software company into Bitcoin [BTC] proxy, Bitmine is aggressively consolidating its role as the world’s premier Ethereum treasury.
Final thoughts
- By building MAVAN, Bitmine aims to become the backbone of US Ethereum validation, something no other publicly traded company has done on this scale.
- Bitmine is now doing to Ethereum what Strategy has done to Bitcoin so far.