Bitmine Stock Breaks Into Top 50 amid Relentless ETH Accumulation

The company’s stock is now more traded than 99% of U.S. equities. This surge in market activity is tied to its ongoing accumulation of the second-largest cryptocurrency.

Bitmine Immersion Technologies disclosed this week that its shares have entered an elite tier of market liquidity, with average daily dollar volume hitting $980 million over a recent five-day period.

That volume ranks it 47th among all U.S.-listed equities, placing it just behind Salesforce and ahead of industrial mainstay General Electric. The surge in trading activity coincides with the company’s announcement that it added another 44,463 Ethereum tokens last week, bringing its total holdings to a staggering 4.11 million ETH, now representing 3.41% of the entire supply.

The Strategy Fueling the Bitmine Surge

Bitmine’s Ethereum accumulation strategy is a relatively recent pivot, but it has unfolded at a pace that stands out even in crypto-native circles. The company began with zero ETH on its balance sheet before launching its buying program on June 30, starting with a $250 million placement.

That was followed by additional raises on July 8 and a larger $500 million placement on July 14, setting the foundation for what management later framed as its long-term “Alchemy of 5%” plan.

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The disclosed purchase of 44,463 ETH in the final week of December, a period of typical market dormancy, underscores the aggression of this plan. Lee framed this as taking advantage of predictable, tax-loss selling pressure, positioning Bitmine as the largest "fresh money" buyer in the market during that stretch.

“Year-end tax-loss related selling is pushing down crypto and crypto equity prices and this effect tends to be the greatest from 12/26 to 12/30, so we are navigating markets with this in mind,” Lee said.

According to Lee, the ultimate goal is to amass 5% of Ethereum's entire circulating supply, a threshold that would give Bitmine unprecedented influence as a network stakeholder. With holdings now at 3.41%, the company is two-thirds of the way toward that audacious target.

That scale places Bitmine in a rare category among public companies. It now ranks as the world’s largest Ethereum treasury and the second-largest crypto treasury globally, behind Michael Saylor’s Strategy, which holds 671,268 bitcoin valued at roughly $59 billion.

Unlike Strategy’s singular bitcoin focus, Bitmine’s balance sheet is broader, pairing its ETH holdings with 192 BTC, $1 billion in cash, and a smaller portfolio of higher-risk equity investments labeled internally as moonshots, including a $23 million stake in Eightco Holdings.

To generate yield on its massive position, Bitmine has begun staking. It is currently working with three external staking providers and has 408,627 ETH actively validating, representing just a fraction of its total holdings.

The larger play, however, is the upcoming launch of its proprietary Made in America Validator Network (MAVAN), slated for the first quarter of 2026. Lee projects that at full scale, with its entire ETH stack staked through MAVAN and partners, the company could generate over $1 million per day in staking rewards, translating to roughly $374 million annually based on current composite rates.

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