New York, United States
Ethereum-focused treasury company Bitmine has crossed a major milestone after its Ether holdings exceeded 4 million tokens, following a recent $40 million acquisition. The latest purchase underscores the firm’s continued strategy of building a large, long-term position in Ethereum as part of its corporate balance sheet.
Related reporting: Crypto Treasury Boom Turns Into Market Drag, Warns Columbia Professor
Bitmine disclosed on Monday that it now holds more than 4.06 million Ether, marking a significant increase in its digital asset reserves. Onchain data cited by blockchain analytics firm Lookonchain shows the company recently acquired 13,412 ETH, valued at approximately $40.6 million, bringing its total purchases over the past week to nearly 100,000 ETH.
According to the company, the average acquisition price for its recent Ether purchases was roughly $2,991 per token. The accumulation has taken place over the past several months, with Bitmine steadily increasing its exposure to Ethereum since launching its treasury strategy earlier this year.
Company chairman Tom Lee described the milestone as a key moment for the firm, noting that the 4 million ETH threshold was reached in just over five months. Lee said the company has maintained a disciplined acquisition approach while continuing to expand its infrastructure plans around Ethereum.
Bitmine’s treasury strategy centers on holding Ethereum as a core reserve asset rather than using it primarily for trading or short-term gains. The firm has previously stated its ambition to eventually control approximately 5% of Ethereum’s total circulating supply. With its current holdings, Bitmine has reached roughly two-thirds of that target, according to publicly available reserve tracking data.
The company’s growing Ether position comes amid renewed interest from institutions in Ethereum-based treasury models. Unlike traditional corporate crypto strategies that focus on Bitcoin, Ethereum treasury firms are increasingly emphasizing the network’s utility, including its role in decentralized finance, smart contracts and staking.
In addition to accumulating ETH, Bitmine has outlined plans to begin staking a portion of its holdings in early 2026. The firm is developing a proprietary staking infrastructure initiative known as the Made in America Validator Network, or MAVAN. According to company statements, the platform is intended to provide secure, compliant validator operations designed for institutional-scale participation.
Lee said the staking rollout is expected to generate additional value from Bitmine’s existing Ether reserves by allowing the company to earn protocol rewards while continuing to hold the underlying asset. The validator network is currently under development and is scheduled for deployment next calendar year.
Bitmine’s Ethereum strategy reflects a broader shift among publicly listed firms experimenting with crypto-native balance sheet models beyond Bitcoin. While such approaches remain relatively uncommon, they highlight how companies are exploring new ways to integrate blockchain assets into corporate finance structures.
The firm has not indicated whether it plans to accelerate or slow its Ether acquisitions in the coming months. However, Bitmine has reiterated that its focus remains on long-term exposure to the Ethereum ecosystem rather than reacting to short-term market movements.
As Ethereum continues to evolve through protocol upgrades and growing institutional adoption, Bitmine’s expanding holdings position it among the largest known corporate holders of Ether globally. The company’s next major milestone will depend on the execution of its staking infrastructure and its ability to sustain capital allocation toward its stated supply target.