Bitmine’s $1.37B Ethereum Staking Gamble: Betting Big on the Merge’s Legacy by Year-End
Bitmine just threw a billion-dollar bet on the table—and Ethereum's proof-of-stake future is holding all the chips.
The mining giant's massive capital pivot signals a tectonic shift in crypto infrastructure. Forget picking shovels; the real money's in validating blocks.
From Rigs to Validators
That $1.37 billion expansion isn't buying new ASICs. It's buying influence—staking contracts, node operations, and a front-row seat to Ethereum's consensus mechanism. They're not just participating in the network; they're aiming to become part of its backbone.
The Yield Chase Is On
Traditional finance analysts might call it 'unproductive capital.' In crypto? It's a strategic asset play. Staking rewards turn idle ETH into a revenue-generating machine—a concept that still gives old-school portfolio managers heartburn. They'd rather collect dusty bond coupons, apparently.
This move isn't just scaling up; it's doubling down on Ethereum's long-term utility thesis. While speculators chase the next meme coin, institutions are quietly building the plumbing.
One cynical take? It's a brilliant hedge. If Ethereum thrives, Bitmine wins on staking yields. If it stumbles? They've still positioned themselves as essential infrastructure—the 'pick-and-shovel' play for the proof-of-stake era. Sometimes the smartest trade isn't a trade at all.
Bitmine Extends December Ethereum Buying Spree
The company was operational during December. Bitmine gained over 44,000 ETH in the last week. It made several big purchases earlier in the month. The largest transaction occurred on December 24, when the company purchased 67,886 ETH at a NEAR purchase price of $201 million.
Bitmine also made other significant purchases. Bitmine further subsidized its Ether treasury with a transfer of approximately $88 million and an additional $97.6 million. According to the Strategic ETH Reserve data, the total quantity of Ethereum that Bitmine owns amounts to approximately 4.07 million ETH. Currently, the market of such holdings amounts to $12 billion.
As of press time, Ethereum is trading at 2,987. The volume of its 24-hour trading was about $16.53 billion. CoinMarketCap data shows that Ethereum had a total market cap of approximately $360.9 billion.
Strategic Shift Highlights Growing Focus On Ethereum Holdings
Bitmine Immersion Technologies Inc. had not stopped its strategic shift in 2025. Bitcoin mining hardware used to be a known offering for the company. Since that time, it has restructured its operations around huge digital-asset holdings. This year, Bitmine primarily focused its treasury approach on Ethereum.
Strategic ETH Reserve records reported that Bitmine has the biggest identified corporate Ether treasury. It is second in terms of world crypto treasuries after the Strategy bitcoin treasury. The company said that it intends to purchase approximately 5% of the supply of Ethereum.
The average price of ETH that Bitmine buys is approximately $3,960. The company incurs losses that have not yet occurred because the current market is at a lower stage. Nevertheless, it maintained its buying and staking activity during the month of December. Tom Lee noted that tax-loss selling and low institutional involvement contributed to the market’s weak performance at year-end.
