Bitmine Immersion Technologies said it increased its Ethereum position during a sharp market decline, buying 40,613 ETH over the past week. The purchases came with ETH trading near $2,025, after briefly falling below $2,000. The company said Ethereum was down 3% over 24 hours and 13% over seven days at the time of the update, which was shared by chairman Tom Lee.
Ethereum holdings rise above 4.32 million ETH
After the latest purchase, Bitmine reported total crypto holdings of 4,325,738 ETH, using a reference value of $2,125 per coin. The company also disclosed ownership of 193 Bitcoin and $595 million in cash. Outside crypto, Bitmine listed a $200 million stake in Beast Industries and a $19 million position in Eightco Holdings. It said its combined crypto, cash, and “moonshots” holdings now stand at $10.0 billion.
Staked balance nears 2.9 million ETH
Bitmine said its Ethereum position accounts for about 3.58% of the total ETH supply, which it listed at 120.7 million coins. As of Feb. 8, 2026, the company had staked 2,897,459 ETH. Based on its reference price, that staked balance was worth nearly $6.2 billion. Tom Lee said Bitmine’s annualized staking revenue had reached $202 million, up 7% from the previous week.
Lee also said total annual rewards could rise to $374 million once all ETH is staked through MAVAN partners, using a 3.115% CESR estimate. Bitmine added that its internal staking operation generated a seven-day annualized yield of 3.3234%. The company said it is still building the Made in America Validator Network, or MAVAN, with deployment planned for early 2026.
Bitmine bought the dip while other large holders sold
Bitmine’s accumulation came as other major Ethereum holders moved in the opposite direction. According to Lookonchain, TrendResearch completed its Ethereum exit by depositing and selling 651,757 ETH on Binance, worth about $1.34 billion, at roughly $2,055.
Lookonchain also reported fresh activity from a wallet linked to the Infini exploit. That wallet bought 6,316 ETH using $13.32 million in DAI, then transferred 15,470 ETH to Tornado Cash. The contrast between Bitmine’s buying and whale selling showed how sharply strategies diverged during the latest Ethereum downturn.