Bitmine Immersion Technologies, chaired by Tom Lee, added 32.977 ETH during the final week of 2025, lifting its reported crypto and cash holdings to $14,2 billion.
In its holdings update, Bitmine disclosed a balance of roughly 4,14 million ETH, equivalent to about 3,43% of total Ethereum supply. The company also holds 192 BTC and a cash reserve of about $915 million, producing the $14,2 billion aggregate figure. The recent acquisition of 32.977 ETH occurred in the closing week of 2025 and was reported on 4 de ene. de 2026.
Bitmine has framed this accumulation under an objective it calls the “Alchemy of 5%”—a public target to reach 5% of ETH supply. That goal remains an active strategic aim rather than a completed outcome.
As part of monetizing its ETH base, Bitmine is advancing a commercial staking product, the Made in America Validator Network (MAVAN), which the company plans to bring to market in the first quarter of 2026.
The launch will convert a portion of treasury holdings into staking yield and introduce an operating vector—staking revenue and custody flows—that traders should track for liquidity and supply effects.
The purchase and disclosed allocations matter for traders because they concentrate market exposure and create a timeline—via a planned staking product—where yield and liquidity dynamics could change materially.
Implications for market structure and trading
Large concentrated treasuries alter supply-side dynamics. Bitmine’s accumulation increases centralization risk for ETH and creates a predictable holder with a vested interest in price stability and yield generation. The planned MAVAN rollout will shift some ETH from liquid custody to validator-operated staking, which could tighten available spot supply if transfers are material and sustained.
For traders and risk managers, two operational considerations stand out. First, concentration raises counterparty and liquidation risk: sizable on‑book or on‑chain sales by a single steward can amplify volatility.
Second, launch of a proprietary staking network creates a new yield curve for Bitmine’s balance sheet—staking rewards versus potential lock-up penalties—that will influence hedging decisions and the firm’s appetite to monetize positions through derivatives or spot sales.
Bitmine’s stated ambition to capture 5% of ETH supply is an explicit directional bet on Ethereum’s long-term value capture. The path to that level will be monitored via reported acquisitions and the MAVAN timetable; each public update will carry immediate relevance for positioning, options skew and liquidity provisioning around key expiries.
