TLDR
- BitMine now holds 4.285M ETH or 3.55% of Ethereum’s circulating supply
- The company added 41,788 ETH at an average price of $2,317 last week
- Staked ETH jumped by 900,000 to reach 2.9 million ETH total
- BitMine estimates $188M annual yield from staking operations
BitMine Immersion Technologies announced the purchase of 41,788 ETH, lifting its total ether holdings to 4.285 million ETH. The acquisition was disclosed on February 2, 2026, through a company statement.
The company said the latest ETH purchase was made at an average price of around $2,317 per token. This brings the notional value of its ether reserves to roughly $9.9 billion as of February 1.
According to BitMine, the acquisition strategy is part of an ongoing effort to gain long-term exposure to Ethereum. The company’s total ETH holdings now represent 3.55% of Ethereum’s circulating supply, which is estimated at 120.7 million ETH.
Staked ETH Increases as Company Builds Validator Network
In addition to expanding its ETH reserves, BitMine raised the amount of ether it has staked. The company reported a jump of nearly 900,000 ETH in staked assets over the last week. This brings its total staked ETH to approximately 2.9 million.
BitMine projects its annualized staking revenue to be around $188 million. The firm also mentioned that this number could increase as more of its holdings are activated for staking.
BitMine is developing its own validator infrastructure, the “Made in America Validator Network” (MAVAN), expected to launch in early 2026. The project aims to support secure and localized staking operations.
Ether Market Activity Sparks Accumulation Strategy
Thomas “Tom” Lee, Executive Chairman of BitMine, stated that the company’s purchases respond to current market conditions. He noted a gap between Ethereum’s growing onchain use and its declining price.
“BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Lee said. He explained that BitMine considers Ethereum a core asset due to its widespread utility.
Ether prices have fallen from near $3,000 earlier in the year to around $2,300. This decline comes despite rising transaction counts and active user addresses.
Crypto Treasury and Stock Market Context
BitMine remains the leading Ethereum holder among public companies. Its current goal is to own 5% of Ethereum’s circulating supply. With 4.285 million ETH, the company is over 70% toward reaching that target.
The firm’s total crypto and cash reserves now amount to $10.7 billion. This includes $586 million in cash and smaller stakes in Bitcoin and private firms.
Despite its large crypto holdings, BitMine’s equity market cap stands at $11.4 billion, below the value of its ether treasury. Its stock closed 5% down on Friday and dropped further in premarket trading Monday.
Ether’s price has also declined over 20% in the past week, contributing to the dip in BitMine’s share price.
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