BitMine Buys 44,463 ETH, Now Holds 3.41% of Supply; Plans MAVAN Staking
BitMine purchased 44,463 ETH during late‑December market weakness (Dec 26–30), raising its treasury to 4.11 million ETH (≈3.41% of circulating supply; ≈$12.1bn at Coinbase prices). The firm also holds 192 BTC, $1bn cash and a $23m stake in Eightco Holdings, bringing combined assets to roughly $13.2bn. BitMine has already staked 408,627 ETH (~$1.2bn) and plans to launch the Made in America Validator Network (MAVAN) in early 2026 to expand staking operations; full deployment at current yields could generate an estimated $1m+ per day. The company lowered its average acquisition cost to $2,948 per ETH and says it aims to reach 5% of ETH supply. Institutional backers named include ARK Invest, Founders Fund, Pantera, DCG, Galaxy Digital and Tom Lee. Management will seek shareholder approvals at a Jan 15, 2026 meeting for further ETH accumulation, staking expansion and capital‑structure measures. Market commentary notes the buys came amid typical year‑end tax‑loss selling and muted holiday trading, which limited immediate price impact. Overall, the accumulation signals strong institutional conviction in Ethereum’s long‑term value and acts as a supply‑side support that could offset short‑term selling pressure.
Bullish
Direct price impact: BitMine’s large buy and continued accumulation reduce available sell-side supply and add a credible long-term buyer to the market. Staking expansion (MAVAN) and already staked 408,627 ETH lock additional supply, removing ETH from liquid circulation and increasing effective scarcity. Institutional support and a stated target of 5% of supply reinforce conviction and can improve market sentiment among traders. Short-term: the immediate price reaction may be muted because purchases occurred during low‑liquidity, year‑end tax‑loss selling, limiting volatility and allowing buys to be absorbed without sharp spikes. However, the announcement can deter short sellers and reduce downside during similar sell events. Medium/long-term: continued accumulation and increased staking capacity are bullish — they tighten circulating supply and signal institutional commitment, which historically supports higher valuations. Risks: concentration risk (one large treasury), potential future capital raises or sell mandates, and macro factors (rates, liquidity) could blunt upside. On balance, the net effect on ETH price is bullish due to supply reduction and demonstrated institutional demand.