BitMine’s December purchase of more than $300 million in ether pushed its disclosed treasury past 4,066,062 ETH, positioning the company as the largest corporate holder of Ethereum. The company describes the move as an opportunistic allocation during market weakness that meaningfully reshapes its institutional treasury profile.
Treasury scale, targets, and execution roadmap
BitMine reports holdings of 4,066,062 ETH and total crypto-plus-cash assets of $13.2 billion. The company states this ETH position represents about 3.37% of Ethereum’s circulating supply and places it as the top corporate ETH treasury and the second-largest crypto treasury overall, behind MicroStrategy’s Bitcoin reserves. BitMine also highlights an explicit accumulation objective it calls the “Alchemy of 5%,” targeting 5% of total ETH supply.
The December accumulation was framed by management as a buy-the-dip decision. BitMine characterizes the purchases as opportunistic in a period of market weakness rather than a change in its core treasury posture. Leadership cites three timing catalysts: the Fusaka upgrade activated on December 3, a projected end to the Federal Reserve’s quantitative tightening, and an anticipated Fed rate cut.
BitMine plans to convert part of its treasury into yield through the Made in America Validator Network (MAVAN), described as staking infrastructure scheduled for early 2026. The company positions MAVAN as an institutional-grade validator service designed to monetize treasury holdings while supporting network security. Staking is described as locking assets to help secure a proof-of-stake blockchain in exchange for rewards.
The strategy is not without critics. At least one hedge fund is described as taking a short position, arguing the model depends on share issuance and could prove difficult to sustain as market premiums compress and competition among corporate crypto treasuries rises. In response, BitMine emphasizes a debt-light balance sheet as a risk-mitigation lever and frames staking via MAVAN as a pathway to turn ETH from a static reserve into a revenue-generating asset.
BitMine’s latest ETH purchase scales its disclosed holdings to a new corporate benchmark while advancing its stated “Alchemy of 5%” objective. The next operational milestone is whether MAVAN execution in early 2026 converts reserve scale into repeatable staking yield without increasing balance-sheet fragility.