Bitmine Immersion Technologies announced on February 2, 2026, that its Ethereum holdings have reached 4.285 million tokens, representing 3.55% of the total supply, as the cryptocurrency market faces a sharp decline. The company reported total crypto, cash, and investment holdings of $10.7 billion, including staked Ethereum generating significant annual rewards. Executive Chairman Tom Lee described the current price pullback as an attractive buying opportunity despite $6.6 billion in paper losses.
Bitmine Immersion Technologies, Inc. (NYSE AMERICAN: BMNR), a company focused on accumulating cryptocurrencies for long-term investment, disclosed its latest holdings on February 2, 2026. The firm now holds 4,285,125 ETH valued at approximately $2,317 per token, alongside 193 Bitcoin, a $200 million stake in Beast Industries, a $20 million stake in Eightco Holdings, and $586 million in cash. This brings total assets to $10.7 billion. The Ethereum holdings constitute 3.55% of the 120.7 million ETH supply, advancing toward Bitmine's goal of acquiring 5% or about 6 million tokens.
In the past week, Bitmine acquired 41,788 ETH, increasing its staked ETH to 2,897,459 tokens, worth $6.7 billion. At a 2.81% Composite Ethereum Staking Rate, this generates annualized revenues of $188 million, up 18% from the prior week, with potential full-scale rewards of $374 million annually or over $1 million daily. The company is preparing to launch its Made in America VAlidator Network (MAVAN) staking solution in the first quarter of 2026, partnering with three providers.
The announcement comes amid a cryptocurrency market downturn, with Ethereum dropping 53% from its August all-time high of $4,946 to around $2,300, resulting in $6.6 billion in unrealized losses for Bitmine, which bought much of its ETH at $3,800 to $3,900. Bitcoin has fallen 40% from its record high to about $79,000, entering a bear market, with $2.2 billion in liquidations over 24 hours and the Crypto Fear & Greed Index at 15, indicating extreme fear.
"ETH prices have dropped sharply in the past month from ~$3,000 to ~$2,300. This occurred while Ethereum daily transactions hit an all-time high of 2.5mm and active addresses soared to 1 million daily," said Thomas "Tom" Lee, Bitmine's Executive Chairman. He attributed the weakness to non-fundamental factors like reduced leverage following an October 10 crash and a surge in precious metals prices, noting gold's -9% drop on January 30, 2026. "In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance."
Lee, speaking on CNBC's Squawk Box, stated, "All the pieces are in place for crypto to be bottoming right now," citing strong Ethereum network fundamentals. Bitmine, backed by investors including Cathie Wood's ARK Invest, Peter Thiel's Founders Fund, and others, pivoted from Bitcoin mining to Ethereum accumulation in June 2025. It ranks as the largest ETH treasury globally and the 105th most traded U.S. stock, with $1.1 billion average daily volume.
The market rebound saw Bitcoin rise 7% from weekend lows below $75,000, but crypto-related stocks like Robinhood and Coinbase remained down 3% to 9%. Bitmine leads in Ethereum treasury velocity and liquidity among peers.
