BitMine Immersion Technologies holds 3,967,210 ETH, a position representing more than 3.2% of Ethereum’s circulating supply and establishing the company as the world’s largest Ethereum treasury.
BitMine’s disclosed ethereum position is valued at roughly $12.2 billion using an exchange reference price of $3,074 per ETH, producing combined crypto and cash assets of about $13.3 billion. The firm also holds 193 BTC and a strategic stake in Eightco Holdings valued at $38 million. Company disclosures present cash reserves in the range of $600 million to $1.0 billion across different reports, reflecting timing differences in interim updates.
The firm’s most recent weekly buying — 102,259 ETH in the seven days to December 14, 2025 — added roughly $320 million of exposure, a continuation of consistent accumulation during market dips. This program has pushed BitMine into the mantle of the second‑largest corporate crypto treasury overall, behind a large Bitcoin holder, underlining a concentrated allocation to a single protocol.
BitMine’s accumulation is driven by a stated objective to reach 5% of total ETH supply; at present the company is roughly two‑thirds of the way toward that goal. Management has framed the strategy as a long‑term, high‑conviction stake in Ethereum’s adoption and technology roadmap and is seeking to monetize yield through an institutional staking initiative, the Made in America Validator Network (MAVAN), planned for rollout in early 2026. Staking is the process of locking ETH to help secure the network in exchange for yield.
Strategy and market positioning for Bitmine
Institutional names reported as investors or backers include ARK Invest, Founders Fund, Pantera Capital and Galaxy Digital, together with the company’s prominent chair, Tom Lee. The market has taken note: BitMine’s equity traded with an average daily volume of about $1.9 billion over a recent five‑day window, placing the stock among the most active U.S. listings by turnover.
Concentration in a single asset creates material balance‑sheet risk. A sustained downturn in Ethereum relative to other assets, structural challenges to the protocol or negative regulatory developments could produce substantial unrealized losses. The company has preferred equity raises over debt to fund purchases, which reduces leverage risk but creates potential for shareholder dilution. These tradeoffs frame BitMine’s strategy as a high‑conviction corporate treasury experiment rather than a traditional diversified reserve.
Regulatory clarity and market stability in 2025 are cited by management as partial justification for the build‑out; the firm positions MAVAN as an institutional‑grade product designed to meet professional custody and staking expectations. How regulators will view large corporate treasuries concentrated in native protocol tokens remains a focal point for institutional adoption.
