Bitmine Immersion Technologies has significantly expanded its Ethereum reserves, acquiring an additional 44,463 ETH within the last week. This latest acquisition elevates the company's total Ethereum holdings to an impressive 4.11 million tokens, valued at approximately $12.1 billion at current market rates. This strategic move solidifies Bitmine's position as a substantial holder within the Ethereum ecosystem, demonstrating a clear focus on accumulating digital assets.
With its current stash, Bitmine now controls 3.41% of Ethereum's total circulating supply, which stands at 120.7 million tokens. This achievement brings the company closer to its ambitious target of acquiring 5% of the entire Ethereum network, illustrating a determined growth trajectory in the cryptocurrency sector. As of December 28, the company's total crypto and cash reserves amounted to $13.2 billion, encompassing its Ethereum holdings, 192 Bitcoin, $23 million in Eightco Holdings, and a significant $1 billion in cash.
Tom Lee, Chairman of Fundstrat, emphasized Bitmine's prominent role in the market, stating that the company continues to be the largest 'fresh money' buyer of Ethereum globally. Lee acknowledged the prevailing market conditions, noting that year-end tax-loss selling is currently exerting downward pressure on both cryptocurrency and crypto-related equity prices. Bitmine is strategically navigating these fluctuations, taking into account the heightened impact typically observed between December 26 and 30.
Looking ahead, Bitmine is actively developing its staking capabilities. The company currently has 408,627 ETH committed to staking and is preparing to launch its Made in America Validator Network (MAVAN) in the first quarter of 2026. Once fully operational and scaled, this staking solution is projected to generate an annual income of $374 million, or over $1 million per day, based on a 2.81% composite Ethereum staking rate. This initiative represents a significant shift, transforming Bitmine from a passive treasury into an income-generating infrastructure company, with potential annual staking revenues ranging from $360 million to $480 million.
From a technical analysis perspective, Bitmine's stock (BMNR) is currently exhibiting a descending triangle pattern, with the converging apex near the $31 mark. Key resistance levels are identified by the Supertrend indicator at $36.78 and the SAR at $35.62, both of which are acting as immediate overhead barriers. The stock is trading below all Exponential Moving Averages (EMAs), signaling a bearish momentum in the market. The immediate support level is established at $27.96. A decisive breach below this support, accompanied by strong trading volume, could confirm a bearish continuation, potentially pushing the stock towards a target range of $23-$25. Conversely, a breakout above $36.78 with robust volume would invalidate the current pattern, indicating a possible reversal and an initial target of the $43-$45 zone.
Bitmine's strategic accumulation of Ethereum, coupled with its forward-looking plans for a robust staking infrastructure, positions the company for significant growth and a transition to an active income generator within the evolving digital asset landscape. Despite short-term market pressures, the company's long-term vision remains focused on leveraging its substantial crypto holdings to create sustainable revenue streams.