Bitmine’s Ethereum Treasury Strategy Is Reshaping Crypto Finance

Bitmine Immersion (BMNR -5.73%) continues to build its Ethereum and Bitcoin reserves as part of a broader maneuver to position itself as a bridge between institutional adoption and DeFi options.

On December 22, 2025, the company announced it had reached a historic milestone, with its holdings now exceeding 4 million Ethereum tokens. This move strengthens its position as the largest known public corporate Ethereum holder in the market and brings the firm closer to its “Alchemy of 5%” goal—securing 5% of Ethereum’s total circulating supply. Here’s what you need to know.

A Unique Approach

Bitmine is the kind of company that zigs when others zag. While the majority of firms have focused primarily on Bitcoin treasuries, Bitmine has moved aggressively to build a massive Ethereum position, making it the most significant public corporate ETH treasury story of this cycle.

Why Ethereum Over Bitcoin

Bitmine pivoted toward Ethereum after determining that the network is instrumental in driving adoption within the traditional financial sector. Specifically, the company highlights the potential of tokenization platforms and views Ethereum’s mature DeFi ecosystem as a vital on-ramp for delivering blockchain-based financial services to enterprise clients and institutional investors.

Source – Bitmine

Alchemy 5%: Bitmine’s Ethereum Treasury Strategy

Bitmine officially launched its Ethereum Treasury on June 30, 2024. Alchemy of 5% is the company’s stated plan to secure 5% of Ethereum’s total circulating supply. As of December 23, 2025, the company has made rapid progress toward that goal through aggressive weekly purchases and the strategic guidance of advisors like Tom DeMark.

Steady Progress

This week, Bitmine reported the acquisition of an additional 98,852 ETH, bringing its total treasury to 4,066,062 ETH. These purchases were primarily executed through major exchanges including Kraken and BitGo.

Discussing the acquisitions, Tom Lee, Bitmine Chairman and co-founder of Fundstrat, emphasized that the company believes it is already benefiting from its decision to focus on Ethereum: “We are already seeing the synergies borne from our substantial ETH holdings. We are a key entity bridging Wall Street’s move onto the blockchain via tokenization.”

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Holdings and Treasury Scale

The company reports total assets (crypto, cash, and “moonshots”) of $13.2 billion. Beyond its core ETH and BTC holdings, Bitmine maintains a $32 million stake in Eightco Holdings (ORBS -8.2%). This robust cash and asset position enables the firm to act opportunistically during market fluctuations.

Furthermore, Bitmine is leveraging its treasury to develop the Made in America Validator Network (MAVAN). Management believes this network will generate meaningful returns by allowing the company to operationalize its massive ETH holdings through staking infrastructure.

Investor Support

Bitmine’s strategy has secured backing from a “who’s who” of institutional participants, including ARK Invest (Cathie Wood), Founders Fund, Bill Miller III, Pantera, Kraken, MOZAYYX, DCG, and Galaxy Digital. These investors view Bitmine as a differentiated way to play the Ethereum “yield” thesis rather than just simple price appreciation.

Bitmine Stock and Annual Meeting

BMNR shares have seen high volatility and massive trading volume, recently ranking as the 66th most traded stock in the U.S. with an average daily volume of $1.7 billion. Investors are looking forward to the upcoming Annual Stockholders Meeting on January 15, 2026, at the Wynn Las Vegas, where updates on the MAVAN network and the 5% accumulation strategy are expected.

The Made in America Validator Network (MAVAN)

Targeted for a Q1 2026 launch, MAVAN is designed to enable secure staking and yield generation. By moving from a passive holder to an active network validator, Bitmine intends to create a “best-in-class” staking solution that provides secure infrastructure for the broader Ethereum community while deepening its own balance sheet growth.

A Calculated Gamble

The decision to pivot toward Ethereum helps Bitmine stand out from Bitcoin-only miners. However, analysts note that this strategy introduces specific risks, including Ethereum’s variable tokenomics and the execution risks of the MAVAN rollout. Unlike Bitcoin’s fixed scarcity, ETH’s policy is influenced by network activity, making it a different class of monetary asset.

Bitmine Immersion Technologies, Inc. (NYSE AMERICAN: BMNR)

Since shifting its direction in 2021, Bitmine has moved from a traditional energy-focused business to a digital asset powerhouse. With the 2025 shift toward Ethereum-focused treasury operations, the company is now a leading participant in the infrastructure of the new digital economy.

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