Bitmine has amassed a total of 4.06 million ETH holdings, ranking first globally, with a target of 5% of the total supply.

Ethereum vault company Bitmine Immersion Technologies (BMNR) announced that its total holdings of crypto assets and cash have reached $13.2 billion, which includes 4.066 million ETH, accounting for 3.37% of the total supply, with two-thirds of the “5% alchemy” target already achieved. The company added nearly 100,000 ETH in just one week last week, showcasing an impressive accumulation speed.

4.06 million ETH: The world's largest Ethereum treasury is born

Bitmine has accumulated over 4 million ETH in just 5.5 months, a feat unprecedented in the history of Crypto Assets vaults. In comparison, MicroStrategy (MSTR) took four years to accumulate 670,000 Bitcoins, while Bitmine's Ethereum Accumulation rate far exceeds this benchmark. At the current price of $2,991 per ETH, Bitmine's ETH holdings are valued at approximately $12.1 billion, making it the second largest Crypto Assets vault in the world, second only to MicroStrategy, which holds 671,268 Bitcoins (valued at $59 billion).

Moreover, Bitmine is the largest Ethereum vault in the world, with no competitors even close to its holding scale. This monopolistic position is extremely rare in the Crypto Assets industry. In contrast, the Bitcoin vault market has several competitors like MicroStrategy, MARA Holdings, and Metaplanet, but the Ethereum vault market is almost entirely dominated by Bitmine.

Last week, the addition of 98,852 ETH indicates that Bitmine's buying strategy is highly aggressive. At current market prices, this amounts to approximately 296 million dollars worth of Ethereum bought in a single week. If this buying speed continues, Bitmine could achieve its goal of holding 5% by mid-2026. Thomas “Tom” Lee of Fundstrat (Chairman of Bitmine) stated, “Achieving such a significant accomplishment in just 5.5 months is no small feat. We are rapidly moving towards the '5% alchemy' and are already beginning to feel the synergies brought by the large amount of ETH.”

The significance of holding 3.37% of the ETH supply goes far beyond the number itself. Under the Proof of Stake (PoS) mechanism, a large ETH holding can earn stable returns through staking and possess significant voting power in network governance. Bitmine is advancing a staking solution called “Made in America Validator Network” (MAVAN), planned to be deployed in early 2026. This will make Bitmine not only an ETH holder but also a core validator of the Ethereum network.

The Deep Logic of the “5% Alchemy” Strategy

Bitmine refers to its goal of holding 5% of the ETH supply as “5% Alchemy,” a name that is rich in symbolism. In medieval alchemy, alchemists attempted to transform ordinary metals into gold. The logic behind Bitmine is that by accumulating a sufficient proportion of the ETH supply, the company can gain a “turning stone into gold” influence within the Ethereum ecosystem.

From a mathematical perspective, holding 5% of the supply means approximately 6 million ETH. Based on the current price, this equates to about 18 billion USD in assets. But more critically, this holding brings network influence. Under the PoS mechanism, a 5% holding can participate in block validation through staking, earning an annualized staking yield of about 3-5%. For assets worth 18 billion USD, this means a passive income of 540 million to 900 million USD per year.

Furthermore, large-scale holdings give Bitmine significant influence in the voting of Ethereum Improvement Proposals (EIPs). Although Ethereum governance is nominally community-driven, the opinions of large holders often have a decisive impact. This influence can ensure that the development direction of Ethereum aligns with Bitmine's interests, creating a positive feedback loop.

Bitmine's Three Major Competitive Advantages

Market Liquidity Leader: Daily average trading volume of 1.7 billion USD (5-day average), ranking 66th among 5704 listed stocks in the United States, behind Wells Fargo, ahead of Chevron, and far surpassing the liquidity of other Crypto Assets vault companies.

Top Institutional Endorsements: Supported by leading institutional investors such as Cathie Wood from ARK, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, providing capital and strategic resources assurance.

Dominating Market Position: The largest and almost sole large-scale Ethereum treasury globally, Bitmine has formed a de facto monopoly in the ETH sector amid fierce competition in the Bitcoin treasury market, with bargaining power and influence far exceeding that of its competitors.

The lineup of institutional investors is comparable to Silicon Valley unicorns

The investor roster of Bitmine reads like a “Hall of Fame” for the Crypto Assets and technology industries. Cathie Wood from ARK is famous for her bets on disruptive innovation, and her portfolio includes star companies like Tesla. Founders Fund, founded by Peter Thiel, is a top venture capital firm that made early investments in world-changing companies such as Facebook and SpaceX. Bill Miller III is a legendary investor known for his value investing strategy and forward-looking positioning in the Crypto Assets.

Pantera Capital is one of the earliest specialized funds for Crypto Assets, DCG (Digital Currency Group) is the parent company of Grayscale, and Galaxy Digital was founded by former Goldman Sachs partner Mike Novogratz. The joint participation of these institutions not only provides substantial capital support for Bitmine but also brings rich industry resources and strategic guidance.

Tom Lee's role as the chairman of Bitmine is particularly crucial. He is the founder of Fundstrat Global Advisors and has served as the chief equity strategist at JP Morgan, with over 25 years of experience on Wall Street. Lee's long-term bullish outlook on Bitcoin and Ethereum is widely recognized within the industry. He stated, “We are the key bridge connecting Wall Street and blockchain, transforming through tokenization. At the same time, we maintain close cooperation with key institutions driving the forefront of DeFi community development.”

This level of endorsement from top institutions is extremely rare among Crypto Assets vault companies. In contrast, many small DAT companies lack this level of support, making it difficult to secure ongoing capital injections during market fluctuations. The investor lineup of Bitmine ensures that it will not be interrupted due to a lack of funds in its pursuit of “5% alchemy.”

Market Liquidity and 2026 Strategic Layout

Bitmine is currently one of the most actively traded stocks in the United States. According to Fundstrat data, as of December 19, 2025, the stock's average daily trading volume is $1.7 billion (5-day average), ranking 66th among 5,704 listed stocks in the U.S. This liquidity is crucial for Crypto Assets treasury companies as it allows them to quickly raise funds through stock issuance and make significant purchases when the price of Ether is sluggish.

Bitmine will hold its annual shareholders' meeting at the Wynn Hotel in Las Vegas on January 15, 2026. This meeting may reveal more details about the MAVAN staking solution and future purchasing plans. Lee stated that MAVAN will be a “top-notch” solution providing secure staking infrastructure and will be deployed in early 2026. Once MAVAN is online, Bitmine's 4.06 million ETH will begin generating stable staking returns, further strengthening the company's financial strength.