BitMine Immersion Technologies has purchased another 51,162 Ethereum, pushing its total holdings to 4.42 million ETH even as prices fall sharply.
Key Takeaways
- BitMine bought 51,162 ETH worth about $98 million last week.
- Total holdings now stand at 4,422,659 ETH, or 3.66% of Ethereum’s total supply.
- The company holds $9.6 billion in combined crypto, cash, and strategic investments.
- Despite more than $8 billion in unrealized losses, the firm continues to accumulate.
What Happened?
BitMine Immersion Technologies announced that it acquired 51,162 ETH over the past week, increasing its total Ethereum holdings to 4,422,659 tokens as of February 22, 2026. The purchase comes as Ethereum trades near a two week low, reflecting continued pressure across the broader crypto market.
The company now controls approximately 3.66% of Ethereum’s circulating supply, reinforcing its position as the largest Ethereum treasury in the world.
🧵
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) February 23, 2026
1/
BitMine provided its latest holdings update for February 23th, 2026:
$9.6 billion in total crypto + “moonshots”:
– 4,422,659 ETH at $1,958 (@coinbase)
– 193 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $17 million stake in Eightco…
BitMine Doubles Down During Market Weakness
Ethereum has fallen sharply in recent weeks. The asset declined more than 4% over the past seven days and recently dropped to $1,855 before rebounding slightly to trade around $1,905 to $1,918. The token is now down more than 61% from its August 2025 all time high of $4,946 and 35% over the past month.
Despite the downturn, BitMine continues to buy.
BitMine Chairman Thomas Lee said:
The latest purchase brings the company’s Ethereum stash to 4,422,659 ETH. At roughly $1,958 per token, that holding is valued near $8.4 billion to $8.6 billion depending on market price fluctuations.
However, data from DropsTab shows BitMine has accumulated more than $16 billion worth of ETH over time, meaning unrealized losses now exceed $8 billion.
$9.6 Billion in Total Holdings
Beyond Ethereum, BitMine’s broader balance sheet shows substantial liquidity and strategic investments. As of February 22, 2026, the company reports:
- 4,422,659 ETH
- 193 Bitcoin
- $691 million in cash
- $200 million investment in Beast Industries
- $17 million stake in Eightco Holdings
In total, BitMine’s crypto, cash, and what it calls “moonshots” amount to approximately $9.6 billion.
The company has also staked 3,040,483 ETH, representing about $6.0 billion at recent prices. Annualized staking revenues are currently around $171 million. At full scale deployment of its Made in America Validator Network, known as MAVAN, projected for early 2026, staking rewards could reach approximately $249 million annually based on recent yield rates.
BitMine reports that 69% of its ETH holdings are currently staked, generating a 7 day yield of 2.89%, slightly above the Composite Ethereum Staking Rate of 2.81%.
Long Term Vision for Ethereum
Lee has repeatedly expressed confidence that Ethereum is positioned for long term growth, citing tokenization efforts on Wall Street, the rise of artificial intelligence agents operating on blockchain networks, and the expansion of the creator economy as key drivers.
He has previously described 2026 as a defining year for Ethereum as it becomes further integrated into traditional finance.
CoinLaw’s Takeaway
In my experience, conviction during downturns often separates bold strategies from cautious ones. What stands out here is not just the size of BitMine’s Ethereum bet, but the speed and persistence of its accumulation. Buying aggressively while sitting on billions in unrealized losses is not for the faint of heart.
I found it especially notable that nearly 70% of its ETH is already staked, generating meaningful yield even in a weak market. That tells me this is not a short term trade. It is a structured treasury strategy built around long term belief in Ethereum’s role in finance.
Whether that conviction pays off will depend largely on how Ethereum performs in 2026 and beyond. For now, BitMine is clearly betting big that the current downturn is temporary.
