BitMine Immersion Technologies added 40,613 ETH to its corporate treasury in the week ending Feb. 8, according to an update on Monday. The purchase brings its total holdings to 4,325,738 ETH, a position valued at approximately $9.2 billion.
This latest accumulation advances the firm to 72% of its stated “Alchemy of 5%” goal, with 3.58% of the circulating ether supply. The company has reached this milestone within six months of initiating the strategy, it said.
Executive Chairman Tom Lee noted that the week’s buy-side activity took place as ether’s price sat 62% below its 2025 peak. Lee pointed to divergent data from The Block’s data dashboard, noting that while price action remained suppressed, network utility reached record levels with daily transactions hitting an all-time high of 2.5 million and active addresses climbing to 1 million daily in 2026.
“The best investment opportunities in crypto have presented themselves after declines. Think back to 2025, the single best entry points in crypto occurred after markets fell sharply due to tariff concerns,” Lee said in the release. “BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
Lee added that ETH historically sees V-shaped recoveries from major declines and expects a similar rebound in 2026.
Crypto treasury, staking, and market position
Beyond its primary Ethereum holdings, BitMine reported total “crypto + total cash + moonshots” holdings of $10 billion in its Monday disclosure. This total includes the 4,325,738 ETH position, 193 bitcoin, a $200 million stake in Beast Industries, and a $19 million investment in Eightco Holdings. The company also reported a cash balance of $595 million.
The company also noted that 2,897,459 ETH, roughly 67% of its total holdings valued at $6.2 billion, are now staked. This staking activity currently produces $202 million in annualized revenue, a 7% increase from the prior week, according to the statement.
Lee said the company’s own staking operations are yielding 3.32% on an annualized basis, above the 3.11% Composite Ethereum Staking Rate. He added that at full scale, when all BitMine’s ether is staked via its forthcoming MAVAN network and partners, staking rewards could reach $374 million annually, or more than $1 million per day. The MAVAN staking solution remains on track for launch in the first quarter of 2026, BitMine said.
The company’s stock, BMNR, is among the most actively traded equities in the U.S. According to data from Fundstrat cited in the release, it ranked as the 107th most traded stock with a five-day average daily dollar volume of $1.3 billion as of Feb. 6.
The stock closed at $20.47 on Friday, a 17.6% gain for the session, but was trading approximately 5% below that level in Monday’s pre-market session, according to The Block’s BMNR price page.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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