BitMine Immersion Technologies (NYSE American: BMNR) purchased 51,162 Ethereum (ETH) for approximately $98 million during the week ending February 22, 2026, increasing its total holdings to 4,422,659 ETH, according to a company statement released Monday.
The Las Vegas-based firm now controls 3.66% of Ethereum’s total 120.7 million circulating supply, with an estimated $16.4 billion invested in its treasury position currently valued at approximately $8.4 billion, resulting in unrealized losses exceeding $8 billion amid ongoing market weakness.
Accumulation Strategy During Market Downturn
BitMine’s latest acquisition occurred as ETH traded near two-week lows, with the asset touching $1,855 on February 22 before recovering to the $1,900–$1,920 range. The purchase represents the company’s continued execution of its treasury strategy despite what Chairman Tom Lee termed a “mini crypto winter” in the firm’s announcement.
Lee characterized the current market conditions as favorable for long-term accumulation, stating in the company release that “the price of ETH is not reflective of the high utility of ETH and its role as the future of finance”. He identified three fundamental drivers supporting Ethereum’s long-term value proposition: Wall Street tokenization initiatives, artificial intelligence applications utilizing smart blockchains for execution and payments, and creator economy adoption of blockchain-based verification systems.
The company has established a stated goal of acquiring 5% of the total ETH supply, with current holdings positioning it approximately 27% from this target.
Financial Position and Staking Operations
As of February 22, BitMine reported total crypto, cash, and strategic investments of $9.6 billion. Beyond its Ethereum treasury, the company holds:
- 193 Bitcoin tokens
- $691 million in cash reserves
- A $200 million stake in Beast Industries
- A $17 million stake in Eightco Holdings** **
The firm has staked 3,040,483 ETH, representing approximately 68.7% of its total holdings, generating $171 million in annualized staking revenue based on a 2.89% 7-day yield. BitMine projects staking revenue could reach $249 million annually once its entire ETH position is staked through the Made in America Validator Network (MAVAN), a dedicated infrastructure platform scheduled for launch in the first quarter of 2026. The company currently works with three staking providers as it prepares to unveil MAVAN.
Market Performance and Valuation Context
Ethereum traded at approximately $1,918 on February 23, representing a 61% decline from its August 2025 all-time high of $4,946. The asset has fallen 35% over the past month and approximately 4.1% over the past week.
BitMine’s total investment in Ethereum accumulation is estimated at $16.4 billion, with the current value reduced to approximately half that amount. Data from DropsTab indicates unrealized losses have surpassed $8 billion.
BMNR shares have experienced significant downward pressure, trading around $19.22 on February 23, down 4.52% from the previous close. The stock has declined approximately 32% over the past month and more than 63% over six months, erasing nearly all gains since the company implemented its digital asset treasury strategy in July 2025. The stock trades roughly 37% below its 200-day exponential moving average, with technical analysts identifying potential support at the $10–$12 level.
According to Fundstrat data cited by the company, BMNR averaged $0.7 billion in daily dollar trading volume over the five days ended February 20, ranking 165th among 5,704 U.S.-listed equities.
Comparative Positioning and Institutional Backing
BitMine describes itself as the largest corporate Ethereum holder globally and the second-largest corporate crypto treasury overall, trailing only Strategy Inc. (formerly MicroStrategy), which holds 717,131 Bitcoin valued at approximately $49 billion.
The company lists institutional supporters including ARK’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, Digital Currency Group, Galaxy Digital, and Bill Miller III.
Contrasting Market Activity: BitMine Accumulation vs. Buterin Sales
BitMine’s accumulation coincides with selling activity from Ethereum co-founder Vitalik Buterin. According to on-chain analyst Lookonchain, Buterin sold 1,869 ETH valued at approximately $3.67 million over a two-day period ending February 23. During this period, ETH declined from $1,988 to $1,875, a 5.7% drop.
Buterin’s previous sale of 6,958 ETH for $14.78 million coincided with a 22.7% decline from $2,360 to $1,825. Additional on-chain data indicates Buterin has sold a total of 7,386 ETH for approximately $15.51 million since February 2, at an average price of $2,100.
Frequently Asked Questions
How much Ethereum does BitMine currently hold, and what percentage of total supply does this represent?
BitMine holds 4,422,659 ETH as of February 22, 2026, representing 3.66% of Ethereum’s total 120.7 million circulating supply. This positions the company as the largest corporate Ethereum holder globally and the second-largest corporate crypto treasury overall behind Strategy Inc…
What is the financial impact of BitMine’s Ethereum accumulation strategy?
BitMine has invested approximately $16.4 billion building its Ethereum treasury, with the current position valued at roughly $8.4 billion based on ETH prices near $1,900. This has resulted in unrealized losses exceeding $8 billion amid the ongoing market downturn. The company generates $171 million in annualized staking revenue from approximately 69% of its staked holdings.
How does BitMine’s accumulation contrast with Vitalik Buterin’s recent ETH sales?
While BitMine continues acquiring ETH during price weakness—purchasing 51,162 ETH last week—Ethereum co-founder Vitalik Buterin has sold approximately 1,869 ETH worth $3.67 million over a two-day period, coinciding with a 5.7% price decline. Buterin’s total sales since February 2 amount to 7,386 ETH valued at $15.51 million.
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