Bitmine Immersion Technologies reported controlling 4,167,768 ETH, a holding valued at roughly $13 billion at the ETH price cited by the company.
The data released by the company shows a heavily weighted asset portfolio towards Ether, with a significant staking program underway. The company holds 4,167,768 ETH, valued at approximately $13 billion, with 1,256,083 ETH in staking, representing an increase of 596,864 ETH in staking over the previous week.
It also holds $988 million for liquidity and operational needs, and finally reported holdings of 193 BTC and a $23 million strategic investment in Eightco Holdings.
Tom Lee has positioned Bitmine’s plan as more than accumulation: the company is developing a proprietary staking platform, the Made in America Validator Network (MAVAN), which the firm says is slated for deployment in early 2026. Lee has also laid out bullish price forecasts, including a projection that ETH could reach $14,000 in 2026; he previously anticipated Bitcoin levels of $150,000–$200,000 by the close of 2025.
“We are pursuing the ‘Alchemy of 5%,’ aiming to acquire 5% of Ethereum’s supply,” Lee said in a chairman’s message, tying the buying program to a larger thesis about crypto’s role in financial markets.
Strategy, governance and market response
Not all market participants agree with the approach. Short-seller Kerrisdale Capital has highlighted potential unrealized losses on Bitmine’s ETH position—estimates cited range from about $1.9 billion to $3.7 billion at different points—and questioned the sustainability of a financing plan that could include large stock issuances. The company has indicated that shareholder approval will be required for any major increase in authorized shares.
A shareholder vote is scheduled for January 15, 2026, in Las Vegas; the company has said approval would be essential to sustain its acquisition trajectory, and public filings indicate accumulation could slow without it.
Investors and market participants are likely to treat the January 15 shareholder vote as the immediate test of Bitmine’s strategy: approval would clear the path for further ETH purchases and staking expansion, while rejection or constrained authorization would force a recalibration of the firm’s growth model and funding plan.
The outcome will therefore shape how corporate treasuries position around Ethereum and how confident markets are in large-scale, balance-sheet-led crypto accumulation.
