BitMine Grows ETH Holdings to Near 5% of Total Supply

BitMine Immersion Technologies recently announced that it had added more Ethereum (ETH) to its holdings. This latest purchase pushed its crypto stash to a whopping $9.9 billion. 

The large ETH reserves underline the company’s belief that Ethereum remains undervalued, even as its share value continues to depreciate.

BitMine Makes a Major Addition to its ETH Reserves

BitMine shared that over the past week, it added 41,788 ETH to its balance sheet. This purchase lifted its total holdings to about 4.285 million ETH, valued at a staggering $9.9 billion as of February 1. As announced, the Las Vegas–based firm said the coins were bought at an average price of roughly $2,317. 

Beyond its Ethereum stash, BitMine said its total assets were about $10.7 billion. This includes more than $580 million in cash, smaller amounts of Bitcoin (BTC), and some investments in private companies with strong growth potential.

BitMine’s steady ETH buying has given it control of about 3.55% of all Ethereum currently in circulation. The company is now more than two-thirds of the way toward its goal of owning 5% of the total supply. 

This growth has not come from a single purchase as BitMine has been adding Ethereum consistently. Just a week earlier, the mining company disclosed another purchase of slightly over 40,000 ETH as part of the same accumulation effort. This shows a disciplined and ongoing accumulation strategy.

BitMine Expands Ethereum Holdings and Staking Operations

With its growing crypto reserves, BitMine remains the largest Ethereum treasury holder among public companies. It ranks second overall among public crypto holders, trailing behind Strategy Inc., which holds more than 713,000BTC. 

Meanwhile, a growing portion of BitMine’s Ethereum massive stash is being put to work through staking. The company reported that around 2.9 millionETH is now staked, an increase of nearly 900,000 ETH in only one week.

Based on current network conditions, BitMine estimates that staking could generate about $188 million in annual revenue. This is expected to grow as it plans to launch its own validator system, called the Made in America Validator Network, in early 2026.

Ethereum Price Falls Despite Rising Network Activity

BitMine’s leadership believes Ethereum’s market price does not reflect its real usage. The digital asset has dropped from nearly $3,000 earlier in the year to around $2,300. In the past 24 hours, the coin has dropped by roughly 2% and more than 20% over the past week.

This fall comes even as activity on the Ethereum network hits record highs, with more transactions and active users. Market volatility has also put pressure on the company’s shares. BMNR’s market cap is about $11.4 billion, still below the estimated value of its ETH holdings. 

The stock closed around 5% lower on Friday and was trading roughly 9% down in premarket trading on February 2.