TL;DR
- ETH Staking Expansion: Bitmine has staked nearly $4 billion in Ethereum, boosting its total holdings to 4.17 million ETH and reinforcing its position as the largest ETH treasury.
- Institutional Momentum: Ethereum adoption is accelerating, with JPMorgan launching a tokenised fund on the network and Morgan Stanley filing for an ETH ETF, while Standard Chartered projects long-term price growth.
- Shareholder Decision: Tom Lee is pushing for a major increase in authorised shares to sustain Bitmine’s accumulation strategy and enable a future stock split tied to Ethereum’s potential rise in 2026 and beyond.
Bitmine has intensified its Ethereum strategy by staking nearly $4 billion worth of ETH, a position that represents close to one-third of its $13 billion in total holdings. Chairman Tom Lee said the company is on track to become the largest staking provider in the crypto ecosystem, projecting annualised staking revenue of $374 million. His optimism comes as Ethereum trades 37% below its August all-time high and the broader crypto market remains 27% under its October peak after a $1 trillion liquidation. Despite the downturn, Lee maintains that 2026 will mark a decisive recovery phase for digital assets.
Bitmine Expands ETH Holdings and Staking Capacity
The company’s accumulation strategy accelerated in January, with the company purchasing another $76 million in ETH and increasing its total holdings to 4.17 million tokens. The firm now controls 3.45% of the Ethereum supply and aims to reach 5%. As of January 11, the company has staked 1.26 million ETH valued at $3.9 billion, an increase of 596,864 ETH in one week. Lee said Bitmine remains the largest fresh money buyer of ETH globally and is preparing to scale its staking operations through its upcoming MAVAN infrastructure.
Institutional Adoption Strengthens Ethereum’s Position
Even as crypto markets struggle, Ethereum continues gaining traction on Wall Street. JPMorgan selected the network for its first tokenised money market fund, an asset class worth $9 trillion. Morgan Stanley recently filed for an Ethereum ETF, reinforcing institutional confidence. Standard Chartered forecasts ETH reaching $40,000 by 2030, citing regulatory clarity and adoption. Geoffrey Kendrick, the bank’s head of digital assets research, said 2026 could mirror Ethereum’s breakout year in 2021.
Shareholder Vote Looms Over Bitmine’s Growth Plans
Lee is urging shareholders to approve an increase in authorised shares from 500 million to 50 billion ahead of the January 15 meeting. He argues the expansion is necessary to maintain Bitmine’s ETH accumulation pace and prepare for a future stock split. Bitmine’s charter requires 50.1% of all outstanding shares to approve the change, a threshold Lee calls unusually high.
Bitmine’s stock jumped 15% after the proposal but later retraced. Lee maintains that a stock split will be essential as he expects Bitmine’s share price to track Ethereum’s trajectory. He projects Bitmine trading at $5,000 per share if Ethereum reaches $250,000, aligning with his long-standing supercycle thesis.
