BitMine Still Holds $9.15 Billion Cash Reserve, Available for Further ETH Purchases

BitMine Immersion Technologies has added 32,977 ETH in the past week, bringing its total holdings to 4.1435 million ETH. The firm now controls 3.43% of the total Ethereum supply and has staked 659,219 ETH, worth approximately $2.1 billion. BitMine’s digital asset treasury stands at $14.2 billion, including both crypto and fiat reserves, solidifying its position as the top ETH-holding treasury.

The company has continued to aggressively accumulate ETH ahead of the planned launch of its Made in America Validator Network (MAVAN) in 2026. BitMine’s staking activity increased by 250,592 ETH in the past week alone, with a total of 544,064 ETH staked, valued at $1.62 billion. The firm now uses three staking providers and is preparing to centralize ETH staking under its proprietary infrastructure.

BitMine’s staking activity has also contributed to congestion in the Ethereum validator queue, which now stands at around 977,000 ETH. New validators are expected to wait approximately 17 days for activation. This surge in institutional staking demand has created delays for validator onboarding.

Why Did This Happen?

BitMine’s strategy focuses on aggressive ETH accumulation and staking as a means to generate yield and enhance shareholder value. The firm’s chairman, Tom Lee, emphasized this strategy, stating that the company aims to "accrete ETH per share." BitMine also recently deposited 82,560 ETH ($259 million) into Ethereum’s Proof of Stake contract, further boosting its staked holdings.

The firm’s staking infrastructure, known as MAVAN, is expected to launch in Q1 2026. The initiative will centralize staking operations and is projected to generate $374 million in annual staking revenue at full capacity. BitMine applies a 2.81% CESR (Consensus Equivalent Staking Rate) to calculate its staking yield.

How Did Markets React?

BitMine’s actions have had a measurable impact on the Ethereum network. The validator entry queue now exceeds 977,000 ETH, pushing new validators into a 17-day waiting period. This is driven by the company’s significant staking activity, alongside broader institutional interest in staking yields. Analysts suggest that such network congestion could signal growing confidence in Ethereum’s Proof of Stake model.

BitMine’s stock price has also responded to these developments. Following the latest staking activity, BMNR stock rose 14%. The firm’s equity remains highly active, with an average daily trading volume of $980 million. Institutional and retail investors appear to be increasingly engaged with the company’s strategy.

What Are Analysts Watching Next?

Tom Lee is currently seeking shareholder approval for a significant increase in the firm’s authorized share count. The proposed increase would allow for future stock splits, capital market activities, and potential acquisitions. This move is intended to position BitMine for future growth if ETH prices continue to rise.

Looking ahead, analysts are also watching BitMine’s MAVAN launch closely. The company’s internal staking infrastructure is expected to optimize yields while providing a scalable solution for its ETH holdings. BitMine aims to stake all of its ETH under MAVAN once the platform is fully operational.

Market observers are also monitoring the broader staking landscape. With over 35.5 million ETH currently staked—representing 29% of the total supply—any shifts in BitMine’s strategy could have ripple effects across the Ethereum network. Analysts are particularly interested in how the validator queue evolves as more firms enter the staking market.

BitMine’s continued growth and strategic moves suggest a clear focus on long-term value creation. The firm remains the second-largest treasury firm globally, behind only Strategy, which holds 672,497 BTC. Its ETH-focused approach differentiates it from Bitcoin-centric treasuries, offering a distinct value proposition in the evolving digital asset landscape.