Bitmine’s ETH Holdings Cross 4M, Latest $40M Buy Pushes Treasury Back Into Profit

Ethereum treasury firm Bitmine crossed a major supply mark this week after its Ether holdings moved above 4 million tokens, following a fresh $40 million purchase. The company confirmed on Dec. 23 that it now controls more than 4.06 million ETH, making it one of the largest single holders of the asset.

On chain data shared by Lookonchain shows Bitmine bought 13,412 ETH worth about $40.61 million earlier in the day. That transaction capped off a week of steady accumulation. Over the past seven days alone, the company added 98,852 ETH to its balance, all purchased at an average price of $2,991 per token.

With ETH reclaiming the $3,000 level over the weekend, the firm’s position has  also moved back into profit. Bitmine’s Ether stack had remained underwater since the October market drawdown, but the recent price recovery flipped the position green again.

Bitmine’s Rapid Accumulation Strategy

Bitmine chairman Tom Lee said the pace of buying reflects the company’s long term commitment to Ether. He noted that crossing the 4 million ETH mark came just 5.5 months after the firm launched its Ether focused treasury strategy in June.

At current prices, Bitmine’s ETH holdings are valued at roughly $12.2 billion. Data from Strategic ETH Reserve shows this puts the company about 67% of the way toward its stated target of owning 5% of Ethereum’s total supply.

The firm has repeatedly said its accumulation plan is based on conviction in Ethereum as a base layer for decentralized finance and tokenized assets. Rather than trading around price swings, Bitmine has followed a steady buy approach, adding during both rallies and pullbacks.

That strategy has also reshaped the company’s market profile. Shares of Bitmine, traded under the ticker BMNR, are up 606% over the past six months.

Staking Plans Set for 2026

Looking ahead, Bitmine plans to put its ETH balance to work. The company said it is preparing to roll out a staking setup in early 2026, aimed at generating recurring returns from its holdings.

Lee said the staking system, called the Made in America Validator Network or MAVAN, is designed to provide secure validator infrastructure based in the US. The company expects staking rewards to add a new income stream on top of its existing Ether exposure.

For now, market focus remains on the company’s accumulation pace. With ETH holding near $3,000 and the firm continuing to buy, traders are watching whether it pushes closer to its 5% supply target soon.