On January 8, BitMine Immersion Technologies expanded its Ethereum treasury holdings by adding 19,200 tokens, valued at $60.85 million. The Nasdaq-listed company also added 24,544 tokens worth $77.45 million, followed by an additional purchase of 28,320 Ethereum tokens worth $88.79 million.
In total, Bitmine has staked more than 827,008 tokens worth around $2.62 billion.
The new staking expands the company’s long-term commitment to Ethereum and supports its objective of producing yield from its expanding digital asset holdings.
BitMine boosts Ethereum holdings ahead of MAVAN launch
On Monday, Bitmine announced that it had purchased 32,977 ETH tokens, valued at $105.3 million. The acquisition marked the lowest weekly buy since the company began its treasury strategy last week. Last month, BitMine bought an average of 96,007 Ethereum tokens per week, with a range of 44,463 to 138,452.
As of January 4, Bitmine had staked 659,219 Ethereum, equivalent to approximately $2.1 billion in value. According to Lee, the company aims to increase its Ethereum holdings this year with the launch of its own Made in America Validator Network (MAVAN), which is scheduled to go live later this year.
In a statement, Tom Lee announced that when MAVAN and its staking partners completely stake Bitmine’s ETH, the annual ETH staking fee will be $374 million (using a 2.81% CESR), or more than $1 million per day.
The Nasdaq-listed company now holds 4,143,502 Ethereum tokens, which represent 3.43% of the total Ethereum supply. The ETH-focused company has stated its objective to acquire 5% of the Ethereum supply. The corporation currently holds $14.2 billion in cash and cryptocurrency, including $915 million in cash.
Last week, Lee announced a bullish move for ETH by predicting that the price of Ethereum would rise to $250,000 if the price of Bitcoin eventually reaches $1 million.
On-chain data from CoinMarketCap show that Ethereum’s price has been rising in 2026, increasing by 8.8% over the last seven days. Its current range is still about a 36.31% decline from its all-time high of around $4,953.73 established in the previous year. At the time of writing, ETH was trading at $3,153.41, a 1.6% increase from the last Month.
Last week, BitMine Immersion Technologies Inc. (BMNR) increased 9.29% as investors reacted to a barrage of information regarding the company’s aggressive expansion goals and proxy campaign.
The stock has experienced significant trading and options activity, with call contracts surpassing puts, and implied volatility elevated in anticipation of the company’s January 14 earnings announcement and necessary shareholder votes.
As Cryptopolitan reported on January 3, BitMine’s drive to drastically increase its authorized share count from 500 million to 50 billion led the significant trading and options activity.
Chairman Tom Lee initiated an intense campaign that included presentations, films, and social media outreach to urge shareholders to adopt the charter revision at the next annual meeting in Las Vegas. The Bitmine management argued that a larger share pool is necessary to finance future capital markets activity, pursue opportunistic mergers and acquisitions, and maintain the possibility of stock splits if the share price rises.
Bitmine’s proposal is closely related to Bitmine’s endeavor to construct a sizable Ethereum treasury by acquiring 5% of the world’s ETH supply.
According to Google Finance, BitMine shares closed at $30.36, down 6.09% after dropping $1.97 from the previous close of $32.33. The stock traded between $30.23 and $31.89. BMNR gained $0.19 during after-hours trading, rising 0.63% to $30.55.
BitMine began staking some of its stock in December.
ETF providers are also quickening this trend by incorporating staking into their products. For example, Grayscale, a digital asset management firm, recently announced that it is offering staking benefits to its shareholders.
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Source: https://www.cryptopolitan.com/bitmine-expands-eth-staking/
