BitMine Immersion’s Ethereum Treasury Swells to 3.97M ETH – Commanding Over 3.2% of All Supply

One firm just locked down a staggering slice of the Ethereum network.

The Whale Move

BitMine Immersion's vaults now hold nearly 4 million ETH tokens. That's not just a big number—it represents over 3.2% of the entire circulating supply. This isn't casual accumulation; it's a strategic land grab on the digital frontier.

Reading the Ledger

This scale of acquisition sends a direct signal. It screams institutional conviction in Ethereum's long-term infrastructure role, far beyond speculative trading. They're not just betting on price; they're anchoring capital in the protocol's future utility.

The Ripple Effect

Concentrated holdings of this magnitude alter market dynamics. It reduces liquid supply, potentially amplifying volatility on exchanges. For everyday holders, it's a double-edged sword: a vote of confidence from a major player, but also a reminder of how much influence can be consolidated off-exchange—a classic finance power play, just with a blockchain ledger.

One firm now holds keys to a kingdom worth billions, proving that in the new financial system, the biggest stakes are still claimed by those with the deepest pockets. Some things never change, even when the asset does.

Crypto, Cash and “Moonshots” Reach $13.3B

BitMine reports that its combined crypto holdings, cash reserves and strategic investments totaled approximately $13.3 billion. Alongside its Ethereum position, the company holds 193 bitcoin, $1.0 billion in cash and a $38 million stake in Eightco Holdings, which it categorizes as a “moonshot” investment.

The company said the scale and composition of its balance sheet reflect a deliberate strategy to combine liquidity with long-duration exposure to digital assets.

Management has also stressed that maintaining a cash buffer allows BitMine to continue accumulating crypto during periods of market volatility while preserving operational flexibility.

Institutional Backing and Market Liquidity

BitMine said it continues to be supported by a group of prominent institutional and strategic investors, including Cathie Wood’s ARK Invest, Founders Fund, Pantera Capital, Galaxy Digital, Digital Currency Group, Kraken and Bill Miller III, as well as individual investor Tom Lee.

The company views this backing as critical to its ambition of reaching the 5% ETH ownership threshold, which it refers to internally as the “Alchemy of 5%.” In the equity markets, BitMine’s stock has emerged as one of the most actively traded in the United States.

According to Fundstrat data, BMNR has averaged roughly $1.9 billion in daily trading volume over the past five days, ranking it as the 41st most traded U.S. stock.

Staking Plans and Shareholder Meeting Ahead

BitMine said it is also developing a staking initiative known as the Made in America Validator Network, or MAVAN, which is expected to be deployed in early 2026. The company has described the project as a secure, institutional-grade staking solution designed to generate yield on its Ethereum holdings.

BitMine will hold its annual shareholders meeting at the Wynn Las Vegas on January 15, 2026. The event is expected to provide further updates on its treasury strategy, staking rollout and progress toward its long-term Ethereum ownership target.