Bitmine Aggressively Expands Ethereum Treasury with $83 Million Purchase
In a definitive display of institutional conviction, Bitmine Immersion Technologies (BMNR) announced on February 9, 2026, that it successfully acquired 40,613 Ethereum (ETH) over the preceding seven days. This strategic move, executed during a period of intense market volatility where Ethereum prices briefly dipped to 1,740 dollars, brings the firm’s total holdings to a staggering 4,325,738 ETH. Valued at approximately 9.2 billion dollars at current market rates, this massive vault now represents roughly 3.58% of the total circulating Ethereum supply. Executive Chairman Thomas “Tom” Lee emphasized that the firm views the recent price pullback as an attractive entry point, noting that while the spot price has declined over 60% from its 2025 highs, the underlying network fundamentals remain at record levels. This latest acquisition advances Bitmine to 72% of its stated “Alchemy of 5%” goal, solidifying its position as the largest corporate Ethereum treasury in the world and the second-largest overall crypto treasury, trailing only the Bitcoin-centric Strategy Inc.
Staking Revenue and the Economic Moat of the MAVAN Infrastructure
The core of Bitmine’s treasury model is not merely passive accumulation but the active generation of protocol-level yield through massive staking operations. As of early February, the company has staked approximately 2.9 million ETH, or roughly 67% of its total holdings, which is currently generating an annualized revenue of 202 million dollars. This yield is based on a composite Ethereum staking rate of 3.11%, a figure that has risen 7% in the past week as network activity surges. Bitmine is currently finalizing the development of its “Made in America Validator Network” (MAVAN), a proprietary staking infrastructure slated for a first-quarter 2026 launch. By moving its assets from third-party partners to its own best-in-class validators, Bitmine aims to optimize its total returns and provide shareholders with a unique, cash-flow-productive exposure to the Ethereum ecosystem. Lee argues that this internal infrastructure creates a “defensive moat” that protects the company’s balance sheet even when the market value of the underlying tokens remains deeply underwater on a mark-to-market basis.
Navigating Undercurrents of Share Dilution and Massive Unrealized Losses
Despite the ambitious growth of its digital vault, Bitmine is navigating significant financial headwinds that have drawn scrutiny from the equity markets. The company currently sits on an estimated 7.8 billion dollar unrealized loss, with its total ETH position carrying an average acquisition cost of 3,826 dollars per token—nearly double the current spot price. To fund its relentless accumulation strategy, Bitmine has leaned heavily on its at-the-market equity program, recently selling a 200 million dollar stake in Beast Industries and continuing to issue new shares of BMNR. This strategy has led to a 34% decline in share price year-to-date, as investors weigh the long-term potential of the ETH treasury against the immediate impact of share dilution. Nevertheless, Bitmine remains backed by a premier group of institutional investors, including ARK’s Cathie Wood and Pantera Capital, who view the current period of consolidation as a necessary clearing event. For Bitmine, the path forward is clear: continue the “alchemy” of token accumulation until the market finally reflects what the firm believes is the true, multi-trillion-dollar utility of the Ethereum network.
