The world’s largest corporate holder of Ethereum, Bitmine Immersion Technologies, now holds over 4 million ETH after its latest buy.

“Bitmine continues to add steadily to its ETH holdings, adding 98,852 ETH in the past week, and Bitmine holdings now exceed the crucial 4 million ETH tokens,” said Bitmine Chairman Thomas “Tom” Lee in an official press release.

According to the on-chain analytics platform Lookonchain, Bitmine’s most recent purchase was executed on Dec. 22, when it acquired 13,412 ETH, valued at $40.61 million at the time. With this, the company’s total ETH stash amounts to 4,066,062 Ether, all acquired at an average price of $2,991 per token.

Over the long haul, the company wants to accumulate 5 percent of the total Ether supply. As of press time, it is already two-thirds of the way there, with Bitmine currently controlling 3.37% of circulating ETH.

“We are making rapid progress towards the ‘alchemy of 5%’ and we are already seeing the synergies borne from our substantial ETH holdings,” Lee noted.

Bitmine first began its Ethereum buying campaign back in June and has built itself into the top ETH treasury in less than six months, a feat which Lee framed as a “tremendous milestone.”

Alongside ETH, Bitmine also boasts a strong balance sheet with $1 billion in cash holdings. Meanwhile, its investment portfolio comprises 193 Bitcoin and a $32 million stake in Eightco Holdings.

Bitmine shares expected to climb higher

As of last check, Bitmine shares were up roughly 606% since the company pivoted to its Ethereum-first strategy. Over the past few months, however, share prices have struggled to maintain momentum as ETH slipped to multi-month lows.

It briefly reclaimed the $3,000 mark this weekend, but has since dipped lower and is currently trading slightly below Bitmine’s average ETH purchase price.

However, crypto.news analysts believe the company’s valuation is positioned to climb higher in the coming months due to a number of technical and fundamental reasons.

One of the key catalysts that could drive further upside is the company’s Made in America Validator Network (MAVAN) initiative, which is expected to launch in the first quarter of 2026. It is projected to help Bitmine generate staking income on its ETH holdings, thereby improving its long-term value proposition for shareholders.

The company’s recent buy also comes ahead of its annual stockholders meeting, which will be held at the Wynn Las Vegas on Jan. 15.