Bitmine stakes another $352M in ETH as treasury build accelerates

Bitmine has increased its exposure to Ethereum again this week, staking another $352 million in ETH. 

Summary

• Bitmine staked 118,944 ETH ($352M), bringing total staked ETH to 461,504 ETH ($1.37B)
• On-chain data shows continued accumulation, including a $97.8M ETH transfer from FalconX
• Despite large unrealized losses, the firm is pressing ahead with a long-term ETH treasury and validator plan

Bitmine is not slowing down, even as Ethereum trades well below the levels at which the company built much of its position.

On Dec. 31, blockchain data tracked by OnChain Lens showed Bitmine staking 118,944 Ethereum (ETH), valued at approximately $352.16 million at the time of the transaction. Following the move, the firm’s total staked Ether rose to 461,504 ETH, worth approximately $1.37 billion at prevailing market prices.

Staking activity points to longer holding horizon

The same data set also flagged a newly created wallet that received 32,938 ETH, valued at roughly $97.8 million, from trading firm FalconX. On-chain behavior suggests the address is controlled by Bitmine, adding to signs that the company is still actively increasing exposure rather than simply managing existing holdings.

These transactions follow a busy month for the firm. Over the past week alone, Bitmine added 44,463 ETH, valued at about $132 million at the time. Earlier in December, it executed a single-day purchase of 67,886 ETH worth roughly $201 million, alongside other additions of 29,462 ETH ($88 million) and 32,938 ETH ($97.6 million).

Aggressive ETH treasury build despite market pressure

Bitmine Immersion Technologies Inc. (NYSE: BMNR), chaired by Fundstrat’s Tom Lee, has shifted its core strategy in 2025. Once focused on immersion cooling for crypto mining, the company has repositioned itself around large-scale digital asset accumulation, with Ethereum now at the center of that effort.

By current estimates, Bitmine controls the largest known corporate ETH treasury and ranks second among global crypto treasuries overall, behind only Strategy’s Bitcoin holdings. The company has accumulated 4.07 million ETH valued at over $12 billion, as per data from Strategic ETH Reserve.

That strategy has come with clear downside risk. With average ETH entries around $3,960, Bitmine is carrying an estimated $3.5 billion in unrealized losses. Still, accumulation has continued through market pullbacks, as management targets ownership of roughly 5% of Ethereum’s circulating supply over time.

The firm is preparing to launch its Made in America Validator Network (MAVAN) in Q1 2026, which will operate U.S.-based Ethereum validators. Bitmine’s next shareholder meeting is scheduled for Jan. 15, 2026, in Las Vegas, where Lee is expected to expand on the company’s ETH treasury plans and long-term positioning.