- BitMine now holds over three percent of Ethereum supply which shows how fast large treasuries are shaping the market.
- Ethereum staking jumped sharply after BitMine nearly doubled its staked ETH balance in just one week.
- Strong treasury demand continues to support Ethereum even as prices stay below past record levels.
BitMine Immersion, an Ethereum treasury firm chaired by Tom Lee, has continued to deepen its exposure to Ethereum through steady accumulation and staking expansion. Since January 5, the firm added 24,266 ETH to its balance. Consequently, its total Ethereum holdings reached 4,167,768 ETH. At current prices, this position is valued at nearly $13 billion.
The total crypto and cash assets stood near $14 billion on Monday. This figure reflects BitMine’s broader treasury strategy. Besides Ethereum, the firm holds 193 Bitcoin worth about $17.5 million. It also owns a $23 million stake in Worldcoin treasury firm Eightco. In addition, BitMine maintains $988 million in cash reserves.
These Ethereum holdings now account for about 3.45% of the circulating supply of 120.7 million ETH. As a result, BitMine has become the largest Ethereum treasury holder in the market.
BitMine Extends Its Lead Among Ethereum Holders
BitMine’s staking activity also expanded sharply over the past week. Staked Ethereum climbed to 1,256,083 ETH. This marked an increase of 596,864 ETH in seven days. Therefore, the firm nearly doubled its stake position in a short timeframe.
Comparative data highlights BitMine’s growing lead. Joe Lubin-linked SharpLink holds 863,021 ETH. The Ether Machine follows with 496,712 ETH. In contrast, BitMine’s holdings remain significantly larger.
Across public crypto treasuries, BitMine now ranks second overall. It trails only Strategy, led by Michael Saylor. Strategy holds 687,410 BTC, valued near $62 billion. That amount represents more than 3% of Bitcoin’s total supply.
BitMine has outlined a longer-term goal to acquire 5% of Ethereum’s circulating supply. This target equals roughly 6.04 million ETH. Meanwhile, the firm’s stock fell 11.5% over the past week. However, pre-market trading on Monday showed a modest 0.3% increase.
Treasury Demand Shapes Ethereum Outlook
Market observers have linked BitMine’s buying activity to Ethereum’s relative strength. Standard Chartered recently pointed to treasury accumulation as a factor supporting ETH. Analysts also highlighted stablecoin growth and asset tokenization as structural drivers.
The bank lowered its near-term 2026 Ethereum target to $7,500 from $12,000. However, it raised longer-term targets to $30,000 by 2029 and $40,000 by 2030. Achieving $40,000 would require ETH to gain over 1,180% from current levels.
Staking Plans Signal Long-Term Commitment
BitMine’s activity has also affected Ethereum’s validator queues. Its deposits pushed the entry queue higher. At the same time, the exit queue moved closer to zero. This pattern suggests long-term staking confidence.
Looking ahead, BitMine plans to launch the Made in America Validator Network in the first quarter of 2026. The network will stake the firm’s Ethereum holdings directly. Based on a composite staking rate of 2.81%, projected daily staking revenue could exceed $1 million.
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