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

Bitmine Immersion Technologies (BMNR) added 24,266 Ethereum (ETH) tokens to its treasury in the week ending January 11, 2026. The purchase, valued at approximately $75.4 million at current prices, raised its total ETH holdings to 4.167 million tokens. The company has continued to build its position in Ethereum as part of its long-term strategy to control 5% of the circulating supply.

The acquisition brought the company’s Ethereum treasury to 3.45% of the total supply. This follows a broader trend of aggressive ETH accumulation in early 2026. Bitmine’s total crypto and cash holdings now exceed $14 billion, a value it plans to grow through continued ETH purchases and staking activities.

Bitmine also holds 193 Bitcoin (BTC) and a $23 million stake in Eightco Holdings (ORBS). Total cash reserves remain at $988 million, providing liquidity for further acquisitions. The company is preparing for its annual meeting on January 15, 2026, where shareholders will vote on a proposal to increase the number of authorized shares from 500 million to 50 billion.

Why Did This Happen?

Bitmine’s rapid accumulation of Ethereum has been driven by its strategic vision to become the largest holder of the asset. Its CEO and founder, Tom Lee, views Ethereum as a key driver of blockchain adoption in traditional finance, particularly through tokenization and stablecoin innovation.

The company’s ability to acquire ETH at a premium to market net asset value (mNAV) has been a consistent theme. In the past week, it added 24,266 ETH while increasing its cash balance by $73 million, demonstrating disciplined capital management.

Bitmine is also moving forward with plans to launch its proprietary staking network, the Made in America Validator Network (MAVAN). The network aims to reduce staking fees and improve security for its Ethereum holdings.

How Did Markets React?

Bitmine’s stock performance has reflected investor reactions to its strategy. The company’s stock fell 11.5% over the past week, according to The Block. However, shares rebounded slightly with a 0.3% gain in pre-market trading on January 12.

The company’s stock has become one of the most actively traded in the U.S. market. It ranks 67th in daily trading volume, with an average of $1.3 billion in daily dollar volume. This increased liquidity has made Bitmine more accessible to institutional and retail investors.

Despite the recent volatility, Bitmine remains supported by major institutional investors, including ARK’s Cathie Wood, Founders Fund, and Kraken. These backers have continued to back its mission to build a crypto-focused treasury company.

What Are Analysts Watching Next?

Analysts and investors are closely watching Bitmine’s upcoming shareholder vote on the share increase proposal. The company currently requires 50.1% approval to authorize the increase in shares, a high bar that could delay its ability to raise capital for further ETH purchases.

If approved, the share increase will allow Bitmine to continue acquiring Ethereum at a faster pace. The company has emphasized that it only issues shares at a premium to mNAV, which it claims protects shareholder value while optimizing returns on its ETH holdings.

Additionally, the company’s staking activities have continued to expand. As of January 11, 2026, it had staked 1,256,083 ETH, generating over $3.9 billion in staked value. The staking rate is currently at 2.81%, suggesting the company could generate over $374 million in annual staking fees once its holdings are fully staked.

Bitmine’s strategic move to stake its Ethereum holdings aligns with broader industry trends. Other large ETH treasuries, such as SharpLink and The Ether Machine, have also been expanding their staking operations. However, Bitmine remains the largest single corporate holder of ETH, outpacing its peers in both scale and growth.

The company’s aggressive acquisition pace and staking expansion are expected to play a significant role in Ethereum’s broader market dynamics. Analysts have noted that large institutional holders like Bitmine can influence price trends and market sentiment, particularly during periods of volatility or macroeconomic uncertainty.