Is BitMine Losing Strength? Buys 24,266 ETH in Latest Purchase

BitMine Immersion Technologies has increased its ETH holdings by 24,266 units, valued at approximately $75 million. This represents 3.45% of Ether’s circulating supply.

Following the latest purchase, BitMine’s total Ether stash amounts to 4,167,768 ETH, worth nearly $13 billion at current market prices. This solidifies the company’s leading position among corporate Ether holders.

BitMine Stakes Over 1.2M ETH

The announcement stated that the ETH treasury firm has staked over 1.2 million ETH. This helps it secure the Ethereum network and bolster revenue for its shareholders.

To manage its staking business efficiently, BitMine works with three staking providers and is developing its own validator network, MAVAN (Made in America Validator Network), expected to launch in 2026. This infrastructure will allow BitMine to stake ETH at scale.

A Cool Down Coming?

Notably, this is one of the firm’s lowest ETH purchases since it began accumulating the leading altcoin in late June 2025. Last week, for instance, the firm acquired 32,977 ETH.

BitMine’s chairman, Thomas Lee, emphasized that the firm would continue accumulating ETH only if at least 50.1% of shareholders support the issuance of equity. On January 15th, there will be a stockholders’ meeting.

There, shareholders will decide whether BitMine can increase its authorized shares beyond 500 million. Note that BitMine has been funding its ETH accumulation by selling shares, even in times when other crypto treasury firms slowed down their acquisitions.

Commenting on the feasibility of getting the targeted 50.1% support from shareholders, Lee said:

“This is an extremely high bar and thus, makes it very difficult to get an authorized share increase. We need to pursue this increase now as Bitmine is soon to exhaust its current 500 million authorization. And when that happens, our ETH accumulation will slow. Thus, we need stockholders to approve proposal #2 to increase authorized shares.”

Following news of the ETH acquisition, BitMine’s common stock, BMNR, rose approximately 3%. This brought its valuation to $31.54. The surge suggests that shareholders may support Lee’s goal of continuing the ETH accumulation.

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