Bitmine Expands Ethereum Treasury to 4.16M Tokens as Holdings Reach $14B

Bitmine Immersion Technologies, the largest publicly traded Ethereum treasury company, has expanded its holdings to 4.16 million Ethereum tokens as of January 11, 2026, representing 3.45% of the circulating supply. The company now holds over $14 billion in combined crypto and cash assets, including $988 million in cash reserves. The recent purchase of 24,266 ETH in the past week pushed the firm's total ETH holdings above $13 billion at current prices.

Bitmine's Ethereum holdings have grown to 3.45% of the circulating supply, making it the largest single holder of the asset. The firm is preparing to launch its Made in America Validator Network (MAVAN), which aims to become the largest staking provider in the crypto ecosystem.

The company has been expanding its validator footprint, with total staked ETH reaching 1,256,083, valued at approximately $3.9 billion. Over the past week, staked ETH increased by nearly 597,000 tokens, signaling a strategic shift toward leveraging Ethereum's yield potential.

Why Did This Happen?

Bitmine's continued accumulation of Ethereum aligns with its long-term strategy of acquiring 5% of the supply. Chairman Tom Lee views 2026 as a year of recovery for crypto, with Ethereum poised to benefit from stablecoin adoption and tokenization. The company has also selectively issued equity to raise capital, maintaining a premium over its adjusted net asset value.

Bitmine's Ethereum purchases are supported by institutional backing, including support from ARK's Cathie Wood, Pantera, and Kraken. The company is also working with multiple staking providers to scale its operations ahead of the official launch of MAVAN.

How Did Markets Respond?

Bitmine's stock recently declined by 11.5% over the past week, despite the firm's continued Ethereum accumulation. The firm is seeking shareholder approval to increase its authorized share count from 500 million to 50 billion, which could impact dilution but is necessary for continued growth.

Ethereum's price has shown signs of recovery, moving above $3,000 after recent large purchases. However, Bitcoin ETFs posted net outflows of $681 million in the first week of 2026, indicating broader risk-off positioning in the crypto market.

What Are Analysts Watching Next?

Standard Chartered analyst Geoffrey Kendrick forecasts Ethereum outperformance in 2026, driven by improving fundamentals and tokenization trends. The firm's strategic move to control 5% of the Ethereum supply is expected to position it as a dominant player in the crypto space.

Investors are also watching the regulatory landscape, with Senate committees scheduled to hold markup hearings for the Digital Asset Market Clarity Act of 2025. The bill seeks to clarify roles for the CFTC and SEC in crypto regulation.

Bitmine's stock is currently the 67th most traded in the US, with an average daily trading volume of $1.3 billion. The company plans to hold its annual shareholder meeting on January 15, where the share increase proposal will be voted on.

Bitmine's expansion of its Ethereum treasury and staking operations reflects its long-term conviction in the asset's value. The firm's continued buying, strategic staking, and validator network development are key factors that could influence Ethereum's trajectory in 2026.