以太坊巨鯨 BitMine 持倉破 410 萬枚！股東會前提案擴大質押

BitMine holds 4.11 million ETH, accounting for 3.41% of the supply. Combined with $1 billion in cash, total assets reach $13.2 billion, with 408,000 ETH staked. On Tuesday, the stock price fell 3% to $27.72. The company will launch the staking platform MAVAN in early 2026, and the shareholder meeting on January 15 will vote on increasing authorized shares and expanding the staking scale.

BitMine Builds an Ethereum Staking Empire

BitMine has staked 408,627 ETH, which are locked to help validate transactions and earn rewards. The company plans to launch its “Made in USA Validator Network” (MAVAN) staking platform in early 2026. This strategic move shows that BitMine is not just passively holding ETH but aims to become a core validator in the Ethereum ecosystem.

Staking can turn idle ETH into a revenue stream, but returns fluctuate with network activity and validator fees. Based on current Ethereum staking annual yields of about 3-4%, the 408,000 ETH staked by BitMine could theoretically generate approximately 12,000 to 16,000 ETH in staking rewards annually. At the current ETH price of around $2,950, this translates to annual staking income of about $35.4 million to $47.2 million.

The launch of the MAVAN platform will shift BitMine from a simple asset holder to a staking service provider. The company emphasizes its “Made in USA” positioning, implying deployment of validator infrastructure within the United States, which has strategic significance amid tightening regulations. If MAVAN attracts external clients to delegate ETH staking to BitMine, it could open new revenue streams for the company.

4.11 Million ETH Holdings Account for 3.41% of Supply, Sparking Centralization Concerns

BitMine owns 4,110,525 ETH, representing 3.41% of the total ETH supply, a rare proportion among institutional holdings. For comparison, MicroStrategy holds about 670,000 BTC, accounting for roughly 3.2% of Bitcoin supply. BitMine’s ETH holdings concentration is even slightly higher than Strategy’s Bitcoin holdings.

Based on BitMine’s reference price, its disclosed ETH holdings are valued at approximately $12.1 billion. This means that even small fluctuations in ETH price significantly impact stock investors. A 1% change in ETH price would alter the value of its holdings by about $1.2 billion, excluding cash and other assets. This dynamic helps explain why traders view crypto treasury stocks as leveraged investments in digital assets.

BitMine Asset Allocation Structure

ETH Holdings: 4,110,525 ETH (valued at about $12.1 billion, representing 3.41% of ETH supply)

Bitcoin Holdings: 192 BTC (valued at about $16.9 million)

Cash Reserves: $1 billion

Total Assets: $13.2 billion

This highly concentrated holding raises concerns about Ethereum decentralization. If a single entity owns over 3% of the supply, it could have a significant influence on market prices. More importantly, BitMine’s continued accumulation strategy suggests this percentage could rise further; reaching 5% would make it the second-largest holder after the Ethereum Foundation.

Stock Price Down 3% Amid Market Focus on Shareholder Meeting

After Tuesday’s close, BitMine’s stock fell about 3% to $27.72, with the trading range for the day between $27.55 and $29.16, with approximately 30.5 million shares traded. This decline occurred despite the company’s active ETH accumulation, indicating market concerns over certain factors.

Fundstrat Chairman Tom Lee said, “Year-end tax-loss selling is weighing on crypto and crypto stocks.” As year-end approaches, tightening market liquidity and tax-driven asset rebalancing may amplify stock price volatility. On Tuesday, Bitcoin rose about 1.5%, and Ethereum increased about 1.3%, but several US-listed crypto stocks, including Coinbase and Bitcoin miners Marathon Digital and Riot Platforms, declined.

Investors are watching the January 15 shareholder meeting at the Wynn Hotel in Las Vegas, where a proposal to increase authorized shares and expand staking capacity will be voted on. The number of authorized shares determines the maximum number of shares the company can issue; a higher limit makes it easier to raise equity capital for purchasing more cryptocurrencies. The chairman stated that proxy voting will conclude on January 14.

This proposal has raised concerns about shareholder dilution. If the company issues more shares to raise funds for ETH purchases, existing shareholders’ ownership percentages will be diluted. This dynamic raises questions about the source of funds for the purchases and whether the share issuance will dilute existing shareholders’ rights. Investors need to assess whether the ETH holdings per share decrease due to the issuance.

2026 Staking Platform Launch Will Be a Key Turning Point

BitMine’s crypto treasury strategy has made its stock a high beta indicator of digital asset prices. With the MAVAN staking platform launching in early 2026, BitMine will shift from a mere asset holder to a staking service provider, potentially transforming its business model and valuation logic. After Tuesday’s decline, the intraday low of $27.55 is a recent support level, and the $29 area is the first resistance to a rebound.