Bitmine Immersion Technologies, Inc. has emerged as a significant player in the cryptocurrency market following the announcement of its substantial Ethereum holdings. As of December 29, 2025, the company controls 4.11 million ETH tokens, representing 3.41% of the total Ethereum supply. This development brings Bitmine’s total cryptocurrency and cash assets to approximately $13.2 billion, establishing it as the world’s largest Ethereum treasury and the second-largest global crypto treasury, following Strategy Inc.
The company’s stock, trading at $28.81 as of 10:16:52 AM EST on December 29, 2025, reflects a gain of $0.50 or 1.76%, leading to a market capitalization of around $12.36 billion.
Portfolio Details and Future Plans
As of December 28, 2025, Bitmine’s cryptocurrency portfolio consists of 4.11 million ETH valued at approximately $12.1 billion (at a rate of $2,948 per ETH), along with 192 Bitcoin and $23 million in other investments, including a stake in Eightco Holdings. The company has also retained $1 billion in cash. In a recent week, Bitmine added 44,463 ETH to its holdings, reinforcing its strategy to acquire 5% of the total ETH supply, a goal referred to as the “Alchemy of 5%.”
Thomas Lee, Chairman of Fundstrat, emphasized that Bitmine remains the largest buyer of “fresh money” ETH globally, despite the year-end tax-loss selling pressure that has affected cryptocurrency and related equity prices. Currently, Bitmine has 408,627 ETH tokens staked, which is just a portion of its total holdings. The company is collaborating with three staking providers in preparation for the launch of its Made in America Validator Network (MAVAN) in early 2026.
At full capacity, with all ETH staked, Bitmine projects annual staking fees of $374 million, based on the composite Ethereum staking rate of 2.81%. This translates to an impressive potential revenue of over $1 million per day.
Stock Performance and Market Outlook
Bitmine’s stock has shown remarkable performance in 2025, achieving a year-to-date gain of 300.21%. This performance significantly outpaces the S&P 500’s return of 17.41% during the same period. The stock has gained traction as one of the most actively traded securities in the United States, with an average daily trading volume of $980 million over the past five days, placing it between Salesforce.com and General Electric among 5,704 US-listed stocks. The stock’s 52-week range is between $3.92 and $161.00, with analyst price targets ranging from $47.00 to $60.00 and an average target of $53.50.
Looking ahead, Bitmine is set to hold its Annual Stockholder Meeting on January 15, 2026, at the Wynn Las Vegas. Shareholders will vote on several key proposals, including director elections, a charter amendment to increase authorized shares, approval of the 2025 Omnibus Incentive Plan, and a performance-based compensation plan for the executive chairman.
The company is backed by notable institutional investors, including ARK’s Cathie Wood, Founders Fund, Bill Miller III, Pantera Capital, and Galaxy Digital. With a current ratio of 51.5, indicating strong liquidity, Bitmine continues to solidify its position as a leader in cryptocurrency treasury operations.
