Bitmine’s ETH Empire: 4 Million Tokens and Counting

Cross the 4 million token threshold and claim 3.37% of Ethereum's circulating supply of around 120.7 million ETH as of December 21, 2025; Bitmine Immersion Technologies (BMNR) has gathered an astounding 4,066,062 ETH. Amid market volatility, the company bought 98,852 ETH at an average price of $2,991 only last week, increasing the worth of its ETH holdings to roughly $12.2 billion. Bitmine's total portfolio, including $1 billion in cash, 193 BTC, and other assets, is an amazing $13.2 billion, cementing its status as a major participant in crypto treasury management.

Racing Toward the 'Alchemy of 5%'

Bitmine has achieved amazing success since starting its ETH accumulation plan in June 2025; two-thirds of its audacious "Alchemy of 5%" objective, which calls for control of around 6 million tokens, has been reached. Powered by regular weekly purchases the over-the-counter transactions, and exchanges, including a recent $40 million purchase of 13,412 ETH, the firm still needs around 1.93 million more ETH to reach this goal. These initiatives continue despite wider market difficulties, including ETF outflows, with further benefits from staking yields ranging from 4.5% to 6.5% on Ethereum's more and more deflationary network post-upgrades.

Supercycle Sparks and Governance Gambit

Under Chairman Tom Lee, Bitmine is positioning itself as the leading corporate holder of Ethereum, surpassing rivals to help define the future of the network in governance, tokenization, and DeFi. Much like Bitcoin's corporate adoption path, the company is betting heavily on ETH's basic role in blockchain infrastructure with the release of its MAVAN staking network in Q1 2026. Although enthusiasts praise it as a catalyst for an Ethereum supercycle, critics caution of possible centralization hazards from such concentrated ownership, even with high stock liquidity, with $1.7 billion in daily volume support this aggressive approach.