- Bitmine bought 40,613 ETH during the dip, citing Ethereum utility as prices slid below $2,000.
- The firm now holds over 4.3M ETH, with staking yields rising and annual rewards projected above $370M.
- While Bitmine accumulated ETH, other whales sold heavily, highlighting diverging strategies in the downturn.
Bitmine Immersion Technologies disclosed this week that it increased its Ethereum holdings during a sharp market selloff. The purchase occurred as ETH traded near $2,025, falling 3% in 24 hours and 13% over seven days. The update came from chairman Tom Lee, as broader crypto assets and stocks declined.
Bitmine Adds ETH During Market Weakness
According to Bitmine, the company acquired 40,613 ETH over the past week while Ethereum briefly fell below $2,000. Tom Lee said the firm viewed the pullback as attractive, citing Ethereum’s underlying utility. He added that Bitmine believes ETH’s market price does not reflect its current usage.
Following the purchase, Bitmine reported total crypto holdings of 4,325,738 ETH, valued at $2,125 per coin. The company also disclosed holdings of 193 Bitcoin. In addition, Bitmine reported $595 million in cash.
Beyond crypto, the company listed a $200 million stake in Beast Industries and a $19 million position in Eightco Holdings. Notably, Bitmine said its combined crypto, cash, and “moonshots” holdings now total $10.0 billion.
Staked ETH and Rising Yield Metrics
Bitmine said its Ethereum holdings represent about 3.58% of the total ETH supply, listed at 120.7 million coins. As of Feb. 8, 2026, the company had staked 2,897,459 ETH. Based on its reference price, the staked balance was valued near $6.2 billion.
Lee stated that Bitmine’s annualized staking revenue reached $202 million, up 7% week over week. He added that total rewards could climb to $374 million annually once all ETH is staked through MAVAN partners. This estimate used a 3.115% CESR.
Meanwhile, Bitmine’s internal staking produced a seven-day annualized yield of 3.3234%. The company said it continues building its Made in America Validator Network, or MAVAN, with deployment planned for early 2026.
Whale Activity Contrasts Bitmine Strategy
While Bitmine accumulated ETH, other large holders sold. According to Lookonchain, TrendResearch completed its Ethereum selloff. The firm deposited 651,757 ETH, worth $1.34 billion, into Binance and sold near $2,055.
Separately, Lookonchain reported renewed activity from a wallet linked to the Infini exploit. The wallet bought 6,316 ETH using $13.32 million in DAI, then moved 15,470 ETH to Tornado Cash.
