Ethereum News Today: Bitmine Surpasses 4M ETH as Institutional Stake Tightens Supply Dynamics

Bitmine Immersion Technologies has surpassed a major milestone in its aggressive Ethereum acquisition strategy, now holding over 4 million ETH in its corporate treasury. The company disclosed that as of December 21, 2025, its Ethereum holdings totaled 4.066 million tokens at approximately $2,991 each, amounting to roughly $12.2 billion in crypto assets. This brings Bitmine's total crypto and cash holdings to $13.2 billion, including $1 billion in cash and a $32 million stake in Eightco Holdings.

The company added 98,852 ETH in the past week alone, achieving the 4 million ETH threshold just 5.5 months after initiating its accumulation strategy. Chairman Thomas Lee of Fundstrat hailed the milestone as a "tremendous" achievement, noting it places Bitmine in position to potentially control 5% of the total Ethereum supply. Bitmine now owns 3.37% of the ETH token supply, moving two-thirds of the way toward its stated 5% goal.

Bitmine's rapid accumulation has outpaced other corporate Ethereum holders, making it the largest institutional owner of ETH. The firm's treasury strategy has been fueled by a combination of strong institutional backing and high trading liquidity for its stock, which ranks as the 66th most actively traded in the U.S.

Notable supporters include Cathie Wood's ARK Invest, Founders Fund, and Bill Miller III, among others. The company plans to hold its annual stockholders meeting at the Wynn Las Vegas on January 15, 2026.

The Scale of Ethereum Accumulation

Bitmine's Ethereum holdings represent a significant portion of the total ETH supply, which currently stands at approximately 120.7 million tokens. The company's 3.37% stake places it ahead of other major institutional holders, including SharpLink and The Ether Machine. This dominance in the Ethereum treasury space has accelerated during a period of weak ETF demand, contrasting with the broader market's trend. While spot Ethereum ETFs have seen outflows since October, Bitmine continues to accumulate, positioning itself ahead of what it calls the "alchemy of 5%" benchmark.

The firm's strategy focuses not only on building a large ETH reserve but also on leveraging its position in validator economics and tokenization infrastructure. Bitmine has stated that it is working closely with key DeFi players to expand its influence within the Ethereum ecosystem. The company's accumulation efforts have also contributed to a tightening supply profile, as large entities hold and stake ETH rather than circulate it. This dynamic could have long-term implications for Ethereum's price and adoption curve.

Market Implications and Future Plans

Bitmine's treasury strategy is not without risks, especially in a volatile market where Ethereum prices have seen a nearly 30% decline over the past three months. However, the company's approach appears to be rooted in long-term institutional positioning rather than short-term market sentiment. Unlike ETFs, which are highly sensitive to daily price fluctuations, corporate treasuries often accumulate during downturns, reducing the supply available to the open market. This trend could amplify future price cycles as Ethereum's net issuance remains historically low.

Bitmine also holds 193 Bitcoin and has shown no signs of slowing its accumulation pace. The company's total crypto and cash assets have remained virtually unchanged from the prior week, with total cash still at $1 billion. As it continues toward its 5% goal, the company's leadership has expressed confidence in Ethereum's role in the future of institutional adoption. Thomas Lee emphasized that Bitmine is "a key entity bridging Wall Street's move onto the blockchain via tokenization," highlighting the strategic importance of its holdings.

Analyst Perspectives and Investor Sentiment

Analysts and market observers have closely watched Bitmine's rapid accumulation, noting both the potential upside and the challenges it may face. The company's ability to maintain institutional support while navigating a bearish ETH market has been a key factor in its success. Fundstrat's Thomas Lee has been vocal in advocating for Ethereum's long-term value, while other industry figures have raised concerns about the broader corporate Ethereum landscape.

With many digital asset treasury firms struggling due to stock price declines and debt obligations, Bitmine's continued accumulation stands out as a bold and unconventional strategy. The firm's approach contrasts sharply with companies like ETHZilla, which recently sold $74.5 million in ETH to reduce debt and refocus on real-world asset tokenization. Bitmine, however, has doubled down on its Ethereum thesis, betting on the future of corporate treasuries as a major driver of institutional adoption.

As 2026 approaches, Bitmine's influence in the Ethereum ecosystem is expected to grow. The company's upcoming stockholders meeting in Las Vegas and its continued expansion into validator economics and DeFi partnerships position it as a key player in the next phase of institutional crypto adoption.