BitMine Immersion Technologies purchased 40,302 ETH worth approximately $117 million last week, bringing total holdings to 4.24 million tokens following shareholder authorization to expand capital-raising capacity.
The acquisition increased the company's Ethereum position to 3.52% of total supply.
BitMine now controls $12.8 billion in combined crypto and cash assets, including 193 Bitcoin (BTC), $682 million in cash and venture stakes totaling $219 million.
The purchase followed January 15 shareholder approval allowing BitMine to increase authorized shares from 500 million to 50 billion. The 81% approval rate enables continued equity issuance to fund additional cryptocurrency purchases.
Staking Expansion
BitMine has staked over 2 million ETH, representing 47% of its total holdings. The company works with three staking providers while developing its Made in America Validator Network infrastructure scheduled to launch in first quarter 2026.
At current composite Ethereum staking rates of 2.81%, full deployment could generate $374 million annually or $1 million daily, according to Chairman Tom Lee.
Staked holdings reached 2,009,267 ETH as of January 25, up 171,264 tokens from the prior week.
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Market Impact
BitMine's aggressive accumulation pace has contributed to Ethereum validator network congestion, with new validator activation wait times reaching 54 days.
The company operates as the largest corporate ETH holder globally and second-largest digital asset treasury behind Strategy's 709,715 Bitcoin.
Shares traded at average daily volume of $1.2 billion over five days ending January 9, ranking 91st among 5,704 U.S.-listed stocks.
The treasury strategy depends on equity issuance and ETH price appreciation rather than traditional operating revenue.
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