Bitmine's $13B Bet: The High-Stakes 'Alchemy' to Own 5% of Ethereum

LAS VEGAS, NV – December 29, 2025 – Bitmine Immersion Technologies (NYSE AMERICAN: BMNR) has solidified its position as a titan of the digital asset world, announcing its combined crypto and cash holdings have swelled to an immense $13.2 billion. The announcement reveals a war chest dominated by a staggering 4.11 million Ethereum (ETH) tokens, positioning the company as a formidable force with its sights set on an audacious goal: acquiring 5% of the entire Ethereum supply.

This aggressive accumulation strategy, internally dubbed the 'Alchemy of 5%', has transformed the one-time Bitcoin mining firm into the world's largest corporate holder of ETH. As of late December, its holdings represent 3.41% of Ethereum's total circulating supply, making Bitmine a veritable whale in the ecosystem. The company’s crypto treasury, which also includes 192 Bitcoin and a $23 million stake in Eightco Holdings, is now second in size only to Strategy Inc.'s massive Bitcoin portfolio, signaling a major strategic pivot that has captured the attention of Wall Street and the crypto community alike.

Fueled by capital-raising transactions and backed by a roster of premier institutional investors including ARK's Cathie Wood, Founders Fund, and Bill Miller III, Bitmine has become what its Chairman describes as the "largest 'fresh money' buyer of ETH in the World." This relentless purchasing continues even during traditionally quiet market periods, with the company adding another 44,463 ETH in the final week of December alone.

"Market activity tends to slow as we enter the final holiday weeks of a calendar year," said Thomas "Tom" Lee of Fundstrat, who serves as Chairman of Bitmine. "Year-end tax-loss related selling is pushing down crypto and crypto equity prices and this effect tends to be the greatest from 12/26 to 12/30, so we are navigating markets with this in mind."

From Mining Operations to Market Mover

Bitmine's evolution extends far beyond simple accumulation. The company is actively building infrastructure to turn its vast, passive holdings into a significant source of recurring revenue. The cornerstone of this initiative is the Made in America VAlidator Network (MAVAN), a proprietary, institutional-grade staking solution slated for a Q1 2026 launch. Staking allows crypto holders to participate in network validation and earn rewards, or yield, on their assets.

While MAVAN is under development, Bitmine has already staked 408,627 ETH—valued at over $1.2 billion—with third-party providers. This is merely a fraction of its total holdings, but it serves as a preview of a powerful future revenue stream. The company projects that at full scale, staking its entire 4.11 million ETH portfolio could generate over $374 million in annual fees, based on current staking rates. This translates to a potential income of more than $1 million per day, fundamentally reshaping the company's financial profile from a pure asset holder to a yield-generating crypto institution.

This strategic shift has not gone unnoticed by the market. BMNR has become one of the most liquid and widely traded stocks in the United States, boasting an average daily trading volume of $980 million. According to Fundstrat data, it ranks as the 47th most traded stock in the U.S., placing it in the same league as established giants like Salesforce and General Electric. This high liquidity, combined with the explicit backing of crypto-native funds like Pantera and Galaxy Digital and traditional finance leaders, underscores a growing institutional consensus that Bitmine is a key vehicle for exposure to the Ethereum ecosystem.

A Crossroads in Vegas: The Shareholder Vote

The company's ambitious vision now faces a critical test. On January 15, 2026, Bitmine will hold its Annual Stockholder Meeting at the Wynn Las Vegas, where shareholders will vote on four key proposals that will directly impact its ability to execute the 'Alchemy of 5%' strategy.

In a special message, Chairman Tom Lee stressed the importance of the vote. "Our company benefits from the strong engagement and support of our stockholders and these 4 key proposals need your crucial 'yes' vote to enable us to achieve our 'alchemy of 5%' strategic plan," he stated, framing the meeting as a pivotal moment for creating shareholder value.

The proposals on the ballot include:

1. Election of Directors: Standard corporate governance to elect the eight-member board for the upcoming year.
2. Increased Authorized Shares: A crucial proposal to amend the charter to increase the number of authorized shares of common stock. Approval would provide the company with the flexibility to raise further capital needed to continue its ETH purchasing, fund strategic investments, and potentially make acquisitions. However, it also raises the prospect of shareholder dilution.
3. 2025 Omnibus Incentive Plan: A vote to approve a new incentive plan for executives and employees, likely involving equity-based compensation to attract and retain top talent in the competitive crypto space.
4. Executive Chairman Compensation: A non-binding advisory vote on a special, performance-based compensation arrangement for the executive chairman, designed to align leadership's financial interests directly with the success of the company's strategic goals.

These proposals collectively represent the operational and financial toolkit Bitmine believes it needs to complete its quest. The outcome of the vote will signal whether shareholders are fully on board with the high-stakes, high-reward strategy of concentrating immense value in a single digital asset. Failure to secure approval, particularly for the increase in authorized shares, could significantly hinder the momentum of its celebrated accumulation strategy, leaving the company at a critical crossroads as it navigates the volatile but potentially transformative world of digital finance.