Bitmine Immersion Technologies (BMNR), led by Tom Lee, acquired an additional 44,463 Ethereum (ETH) last week, securing approximately 3.4% of the total supply. Notably, the company staking approximately 408,000 of its ETH holdings to generate revenue.
According to a company disclosure on the 30th (local time), Bitmine holds approximately 4.11 million Ethereum tokens, worth approximately $12 billion (approximately 18 trillion won) at its current market price. Including 192 Bitcoins and $1 billion in cash, its total cryptocurrency assets amount to approximately $13.2 billion.
Bitmine has been steadily accumulating Ethereum, taking advantage of the year-end tax-loss selling season. Chairman Tom Lee stated, "We took advantage of last week's market weakness to buy Ethereum," adding, "Bitmine is the largest buyer of 'new money' globally."
The company's reason for aggressively building Ethereum is clear. Its goal is to build the Made in America Validator Network (MAVAN), slated for launch in early 2026. The over 400,000 ETH currently staked are expected to form the cornerstone of this project. Bitmine is generating revenue by partnering with three staking providers.
Bitmine ultimately aims to secure 5% of Ethereum's total supply. Following last week's announcement of surpassing 4 million tokens, it has now surpassed 4.1 million tokens again within a week, rapidly approaching its goal.
However, despite the company's aggressive buying spree, its stock price has been sluggish. BMNR's stock price is currently trading around $28, and the Ethereum price has also fluctuated in the $2,900 range.
The industry is closely watching the impact that Bitmine's staking strategy and the MAVAN project will have on the Ethereum ecosystem. Some speculate that if a single company were to hold 5% of the total supply, it could bring significant changes to the network's validation and governance structure.
