Ethereum News Today: Bitmine Surpasses 3.2% ETH Supply as Stock Trades Near NAV

Bitmine Immersion Technologies has increased its Ethereum (ETH) holdings to nearly 4 million tokens, valued at approximately $12.2 billion, as of Dec. 14, 2025 according to the report. The company's stock trades close to its net asset value, reflecting the significant accumulation activity over the past week as reported. Bitmine now holds more than 3.2% of the circulating ETH supply, making it the largest known corporate holder of Ethereum according to analysis.

In addition to its substantial ETH holdings, Bitmine owns 193 Bitcoin (BTC) and has a $38 million equity stake in Eightco Holdings, along with $1 billion in cash, bringing its total crypto and cash holdings to approximately $13.2 billion according to financial data. The firm ranks as the second-largest global crypto treasury, behind Strategy Inc. (MSTR), and is the largest Ethereum treasury according to market reports.

Bitmine shares closed at $34.74 on Dec. 15, giving the company a market capitalization of around $14.8 billion as of the latest close. The stock has been highly volatile, trading between $3.92 and $161 over the past 52 weeks, with an average daily trading volume near 47 million shares according to trading data. Despite a recent pullback, the stock is up more than 396% year to date according to performance metrics.

Why the Standoff Happened

Bitmine's net asset value (NAV) was estimated at about $13.44 billion as of Dec. 15, with minimal reported debt according to financial analysis. This places the company's enterprise value near $13.79 billion, resulting in an estimated multiple-to-NAV (mNAV) of roughly 1.03x according to valuation data. The narrow premium suggests that the market is valuing Bitmine close to the fair value of its crypto and cash holdings as reported.

The company's strategy of accumulating Ethereum continues to gain traction, particularly as it moves closer to its long-term objective of controlling 5% of the ETH supply according to market analysis. Thomas "Tom" Lee, chairman of Bitmine, emphasized the progress made toward this goal, noting that the company added 102,259 ETH in the past week alone according to the company's statement. Lee also highlighted the broader positive developments in digital assets, including favorable legislation and growing support from Wall Street according to industry analysis.

How Markets Reacted

Bitmine's equity performance has been closely tied to its cryptocurrency holdings, with the stock's volatility reflecting the dynamics of its treasury rather than spot crypto prices according to market observations. The firm's aggressive accumulation strategy has drawn attention from institutional investors, including ARK's Cathie Wood, Founders Fund, and Kraken, who continue to support Bitmine's vision as reported. The company's recent announcement of a $13.2 billion crypto and cash holdings package also drew positive reactions from market participants according to news reports.

Bitmine's stock has traded as a high-liquidity proxy for Ethereum, with the company ranking as the 41st most traded stock in the U.S. according to market data. This liquidity is further amplified by the launch of new ETFs such as the Defiance Daily Target 2X Short BMNR ETF (BMNZ), which provides traders with leveraged exposure to the stock according to product announcements. These products have added layers of derivatives-driven flows that influence BMNR's intraday price swings according to market analysis.

What Analysts Are Watching

Analysts and investors are closely monitoring Bitmine's progress toward its 5% Ethereum supply target, as well as the performance of its upcoming staking initiative, the Made in America Validator Network (MAVAN) according to industry reports. The launch of MAVAN in early 2026 could transform Bitmine's treasury into a yield-generating asset, potentially enhancing the company's earnings profile according to market forecasts.

However, the company also faces significant structural risks, including high exposure to a single asset and the potential for further dilution as it continues to fund its accumulation strategy through equity issuance according to risk analysis. Analysts warn that the market is paying for speculative optionality rather than conventional fundamentals, raising questions about the sustainability of Bitmine's current valuation according to market commentary.

Despite these risks, bullish analysts argue that Bitmine's strategy positions it as a high-octane vehicle for long-term Ethereum investors, particularly as the industry continues to evolve according to analyst reports. The company's institutional backing and growing ETF interest suggest that there is strong demand for exposure to its aggressive accumulation model according to market trends.