CMC News

Bitmine Adds 44K ETH as Treasury Nears 3.5%

Tom Lee's #Bitmine Immersion Technologies has acquired another 44,463 $ETH over seven days, pushing total holdings to 3.41% of circulating supply as the company advances toward its 5% accumulation target. The purchases occurred during year-end tax-loss selling that pressured crypto markets.

Total crypto and cash holdings reached $13.2 billion as of Dec. 28, according to company disclosure. The treasury comprises 4,110,525 $ETH valued at over $12 billion, plus 192 $BTC and $1 billion in cash reserves.

Lee characterized Bitmine as the largest active buyer of $ETH during the recent selling window. He noted that tax-related selling typically peaks between Dec. 26 and Dec. 30, creating acquisition opportunities for firms with available capital.

The company has deployed more than 408,000 $ETH into #staking contracts worth approximately $1.2 billion. Bitmine is working with three staking providers while building its Made in America Validator Network, scheduled to launch in early 2026.

Full deployment of the treasury into staking could generate around $374 million in annual revenue based on the current 2.81% composite Ethereum staking rate. Lee's calculation assumes network conditions and yield rates remain relatively stable throughout the projection period.

Shares of #BMNR recently traded near $28.50, declining roughly 13% over the prior week, even as the company continued aggressive $ETH accumulation. The stock performance diverged from the underlying asset, which traded around $2,950 during the same timeframe.

Bitmine ranks as the second-largest corporate crypto treasury globally, trailing only Strategy's #Bitcoin-focused holdings. The firm positions itself as controlling the world's largest publicly traded #Ethereum treasury by a substantial margin.