Bitmine Immersion Technologies disclosed holdings of 4,371,497 Ethereum (ETH) as of February 16, valued at approximately $8.73 billion at $1,998 per token.
The company acquired 45,759 ETH last week as ether traded roughly 62% below its 2025 peak above $5,000.
Combined cryptocurrency, cash and equity holdings totaled $9.6 billion, including $670 million cash, a $200 million stake in Beast Industries and a $17 million stake in Eightco Holdings.
At current holdings, the company controls 3.62% of Ethereum's circulating supply of 120.7 million tokens.
Staking Operations and Revenue
Of Bitmine's total ETH position, 3,040,483 tokens are currently staked, representing approximately 69% of total holdings.
Annualized staking revenue stands at $176 million, based on a 7-day yield of 2.89%.
The company's own staking rate of 2.89% slightly exceeded the Composite Ethereum Staking Rate of 2.84%, administered by data provider Quatrefoil. Bitmine is working with three staking providers toward launching MAVAN - its in-house Made in America Validator Network - in early 2026.
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Portfolio Context and Paper Losses
Ether has fallen from highs of roughly $5,200 in late 2025 to approximately $1,998 as of February 16. CoinDesk estimated Bitmine's unrealized losses at roughly $6 billion based on its average acquisition cost versus current prices.
Bitmine Chairman Thomas Lee compared current sentiment to the 2018 and 2022 crypto winters while noting the absence of large-scale industry failures comparable to FTX's 2022 collapse. Lee cited Ethereum daily transactions reaching record highs as evidence the network's utility diverges from its price performance.
The company ranks as the second-largest corporate cryptocurrency treasury globally behind Strategy (NASDAQ: MSTR), which holds 714,644 bitcoin valued at approximately $49 billion. BMNR shares traded an average of $900 million daily over the most recent five-day period, ranking 158th among 5,704 U.S.-listed stocks, according to Fundstrat data.
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