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- BitMine holds 4.285 million ETH, nearing 5% of total supply.
- Staking ETH generates $188 million annually, with MAVAN expansion.
- Ethereum market pullback viewed as opportunity for major accumulation.
BitMine Immersion Technologies has significantly increased its Ethereum holdings, acquiring 41,788 ETH over the past week. After adding these new buys, the Las Vegas-based company now holds 4.285 million ETH, worth approximately $9.9 billion as of February 1. Such a move will put the company in a strong position to achieve its internal objective of purchasing 5 percent of the circulating supply of Ethereum.
At the moment, the overall number of Ethereum is about 120.7 million ETH, and BitMine owns around 3.55 percent of that amount. The company’s Ether holdings have made it one of the largest Ethereum treasury holders worldwide, after Strategy Inc., which holds the largest total cryptocurrency reserves. The acquisition represents a radical step in the ongoing digital resource acquisition by the industry’s large players.
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Strategic Staking to Boost Future Earnings
BitMine’s strategy is not limited to acquiring Ethereum. Staking its Ethereum is another area the firm has been actively involved in, with approximately 2.9 million ETH already staked, and it brings in about 188 million in estimated staking income annually. This figure will undoubtedly increase significantly as BitMine intends to deploy its own validator network, the Made in America Validator Network (MAVAN), in early 2026. MAVAN will be instrumental in leveraging the yield from BitMine’s Ethereum holdings.
Executive Chairman of BitMine, Thomas Lee, commented that a disconnect between on-chain activity and the market price can explain the current Ethereum buying spree. Despite the cost of Ethereum dropping from close to 3,000 earlier this year to approximately 2,300, transaction volume and the number of active addresses on the network are record highs. Lee feels this price pullback is a rare opportunity to increase exposure to Ethereum as the fundamentals continue to rise.
Confidence in Ethereum’s Long-Term Growth
Nevertheless, BitMine’s stock has experienced some turbulence under this strategy. The company fell 5 percent on Friday and is declining further by 9 percent in premarket trade on Monday. BitMine still believes in Ethereum’s future development and that the stock can yield high returns as the network grows, although it has fallen over the past few days.
The aggressiveness with which BitMine acquired Ethereum demonstrates that the company believes in Ethereum’s long-term potential. Placing itself as a critical Ethereum holder and staking its resources are among the ways BitMine bets on the future of Ethereum within decentralized finance. The growing number of Ethereum holdings and the company’s staking revenue are expected to drive significant growth in the coming years.
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