Key Points:
- Bitmine Immersion Technologies has augmented their Bitmine Ethereum holdings to over 4.2 million ETH, representing 3.48% of the total ETH in circulation.
- The company is positioning the Ethereum cryptocurrency as a treasury reserve with large-scale staking and validation infrastructure.
- Bitmineβs fast accumulation speed is one of the ways that illustrates the rising trend concerning corporate Ethereum treasuries, not just Bitcoin-based accumulations.
Bitmine Ethereum Holdings Rise Above 4.2 Million ETH
Bitmine Immersion Technologies announced that the number of Ethereum it holds is currently at 4,203,036 ETH as of January 19, 2026, with an estimated worth of $13.5 billion based on market price.
This puts Bitmine among the biggest Ethereum holders at present and cements its position as the leading Ethereum treasury management firm listed publicly.
In this degree, Bitmine manages a hold of 3.48% in Ethereumβs circulating supply, which shares a similar magnitude in concentration with those procuring early investor roles or technology-based foundation allocations in a far less mature ecosystem.
The company said that this achievement represents almost 70% of its goals to secure 5% in overall ETH supply, a framework they refer to as βAlchemy of 5%β strategy.
Acceleration in ETH Accumulation Signals Strategic Shift
According to the disclosure, Bitmine acquired more than 35,000 ETH in a single week, underscoring the accelerating pace of its Ethereum accumulation. This increase occurred alongside a rising ETH/BTC ratio, which management interprets as market recognition of Ethereumβs expanding role in institutional finance and tokenization infrastructure.
Unlike opportunistic treasury allocations, Bitmineβs approach emphasizes scale and consistency, positioning Ethereum not as a speculative asset but as a core balance sheet component. The company explicitly stated that it does not intend to sell shares below its net asset value (mNAV), reinforcing its long-term accumulation thesis.
Staking Becomes a Structural Revenue Layer
A key component behind the rise in Bitmine Ethereum holdings is its expanding staking operation. As of mid-January, the company has 1,838,003 ETH staked, representing more than $5.9 billion in value at reported prices.
Bitmine is building its own validation system, called the Made-in-America Validator Network (MAVAN), which will be launched in early 2026. When fully operational, the companyβs management anticipates the value of fees related to staking could exceed $1 million per day, based on current pool staking participation levels.
This approach considers Ethereum not only as a store-of-value asset but also as an income-generating treasury asset, which distinguishes Bitmine from Bitcoin-based Treasury strategies that are purely based on the potential for capital appreciation.
Corporate Ethereum Treasury Model Gains Visibility
The fact that Bitmineβs balance sheet is skewed towards Ethereum transactions illustrates the general trend of cryptocurrency adoption in corporations. While Bitcoin was initially at the forefront of corporate adoption, Ethereum-induced tokenization and settlement via decentralized finance is increasingly catching their attention.
Its investor base consists of some well-known institutional investors, and its stock is one of the most actively traded stocks in the US market, since its average trade volume for a five-day period is roughly 1.5 billion.
This kind of liquidity profile indicates market players beginning to increasingly treat Bitmine as a proxy for Ethereum exposure, just like Bitcoin treasury companies for equity investors trying to indirectly get exposure to crypto assets.
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