Bitmine Immersion Technologies disclosed on Monday that it now holds 4,422,659 Ethereum (ETH) tokens valued at approximately $8.66 billion - equal to 3.66% of the total ETH supply - after adding 51,162 ETH in the past week alone.
The company's total crypto, cash, and equity positions stood at $9.6 billion as of Feb. 22. BMNR shares have lost more than 57% over the past six months, and over 28% this month alone.
The Las Vegas-based firm says it is 73% of the way toward its stated goal of controlling 5% of all circulating Ethereum.
ETH was trading at $1,958 at the time of disclosure.
What Happened
Chairman Tom Lee framed the latest purchase as opportunistic, calling Ethereum's current price level disconnected from the network's on-chain activity.
"We view this pullback as attractive," Lee said.
He acknowledged the broader market weakness, describing it as a "mini crypto winter" while reiterating the firm's policy of accumulating ETH regardless of price direction.
Of its 4.42 million ETH holdings, Bitmine has staked 3,040,483 tokens - roughly 69% of its total position - generating annualized staking revenues of $171 million.
The company's seven-day annualized yield of 2.89% modestly exceeds the Composite Ethereum Staking Rate of 2.81%. Bitmine is also developing MAVAN, a proprietary validator network it says will launch in early 2026, currently operating through three third-party staking providers.
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Why It Matters
Bitmine ranks as the world's largest Ethereum treasury and the second-largest cryptocurrency treasury overall, behind Strategy Inc., which holds 717,131 Bitcoin (BTC) valued at $49 billion.
Beyond ETH, Bitmine carries 193 bitcoin, $691 million in cash, a $200 million stake in Beast Industries, and a $17 million position in Eightco Holdings.
The stock traded an average of $700 million in daily dollar volume over the past five trading days, ranking 165th among 5,704 U.S.-listed stocks per Fundstrat data - active trading that runs parallel to the ongoing share price deterioration.
ETH itself has declined roughly 62% from its 2025 highs, compressing the dollar value of holdings even as the token count grows. Institutional backers including ARK Investment Management's Cathie Wood, Pantera Capital, Founders Fund, Galaxy Digital, and DCG remain on the register.