BitMine Acquires 41,788 ETH (~$104 Million) Amid Market Pullback

Bold Bet on Ethereum Continues

February 2026 — In a clear display of conviction during a challenging market environment, BitMine Immersion Technologies (BMNR) announced it acquired 41,788 ETH over the past week. According to the company’s latest investor update released on February 2, 2026, this purchase adds to its already aggressive Ethereum treasury strategy.

At the time of reporting—using Coinbase pricing around $2,317–$2,500 per ETH depending on execution timing—the acquisition is valued at approximately $96–$104 million. This marks one of BitMine’s strongest weekly purchases so far in 2026 and reinforces its commitment to dollar-cost averaging, even as ETH trades under notable downward pressure.

---

Massive Scale: 3.55% of All Ethereum Now Held by BitMine

Following the latest acquisition, BitMine now controls:

• 4,285,125 ETH
• Representing approximately 3.55% of Ethereum’s total circulating supply
  (~120.7 million ETH)

This positions BitMine as one of the largest non-protocol holders of ETH globally. The company has repeatedly outlined its long-term vision—dubbed the “Alchemy of 5%”—which targets ownership of 5% of total ETH supply (roughly 6 million ETH), with the majority staked to generate yield.

Notably, BitMine has achieved over 70% of this goal in just six months since pivoting heavily into Ethereum.

---

Total Portfolio Snapshot

As of February 1, 2026

BitMine reported a combined crypto, cash, and strategic investment portfolio of $10.7 billion, consisting of:

• 4,285,125 ETH
  (~$9.9–$10.0 billion valuation at announcement prices)
• 193 BTC
• $586 million in cash
• $200 million stake in Beast Industries
• $20 million stake in Eightco Holdings (NASDAQ: ORBS)
  (classified internally as “moonshots”)

Importantly, no debt was reported on the balance sheet—placing BitMine in a stronger financial position than many crypto-native firms.

---

Staking Ramp-Up: $374 Million in Annual Rewards Projected

BitMine is not simply accumulating ETH—it is actively monetizing its holdings through staking.

Current Staking Status

• 2,897,459 ETH currently staked
• +888,192 ETH added to staking in just one week

Forward Projections

Once additional staking infrastructure—via partners such as MAVAN—comes fully online in Q1 2026, BitMine projects:

• ~$374 million in annual staking rewards
• Based on an estimated ~2.81% consensus staking return
• Equivalent to over $1 million per day in passive income

Chairman Tom Lee emphasized that BitMine now stakes more ETH than any other entity globally, highlighting the unprecedented scale of the operation.

---

Market Context: Buying the Dip with Confidence

The acquisition occurred during a notable ETH price pullback—from approximately $3,000 earlier in the cycle to the low $2,300s more recently.

Despite this correction, BitMine has acknowledged significant unrealized paper losses, estimated at $6–$6.6 billion, stemming from higher average acquisition costs on earlier purchases. Still, leadership remains firmly bullish.

“BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals.”
— Tom Lee

Lee pointed to:

• Rising network activity
• Improving on-chain metrics
• Ethereum’s positioning as future financial infrastructure

This stance persists even as broader market sentiment remains cautious following leverage unwinds and macroeconomic uncertainty.

---

Why This Matters

BitMine’s strategy increasingly mirrors MicroStrategy’s Bitcoin playbook—but applied to Ethereum instead.

As one of the most prominent public ETH treasury companies, BitMine’s moves are closely watched by:

• Institutional investors
• Ethereum price analysts
• Staking infrastructure providers
• Corporate treasury strategists

Whether this proves to be a visionary long-term allocation or a cautionary tale about timing will depend largely on Ethereum’s price trajectory over the coming quarters.

For now, BitMine is making its stance unmistakably clear:
buy when others hesitate.

---

Your Take?

What do you think of BitMine’s Ethereum treasury strategy?
Is this disciplined conviction—or excessive concentration?

Share your thoughts below, and stay tuned to [Your Site Name] for more updates on corporate crypto adoption, major treasury moves, and Ethereum ecosystem developments.

---

Tags

#Ethereum #BitMine #CryptoTreasury #TomLee #ETH #Staking #CryptoNews

This post is factual, balanced, and optimized for crypto-focused readers. Images such as an ETH price chart, BitMine branding, a Tom Lee photo, or a staking infographic can be added via the editor if desired.