Despite the crypto bear market, Bitmine Immersion Technologies (NYSE American: BMNR) keeps stacking. The firm disclosed it purchased 51,162 ETH in the week ending February 22, 2026, worth roughly $100 million at a price of $1,958 per ETH. Total holdings now stand at 4,422,659 ETH, representing 3.66% of the total supply (~120.7 million). Combined crypto, cash, and other investments sit at $9.6 billion, with ETH as the cornerstone.
Tom Lee: Market Ignores Ethereum's Real Utility
Chairman Thomas "Tom" Lee said publicly that Bitmine views the downturn as an attractive entry point. "Bitmine continues to buy Ethereum steadily. We believe the current price fails to reflect ETH's high utility and its role as the foundation of future finance," he stated. Lee highlighted three structural drivers gaining momentum: asset tokenization on Wall Street, AI and agentic AI relying on smart blockchains for execution and settlement, and the emerging creator economy demanding on-chain verification and "proof of humanity."
Staking Yield Beats Benchmark, MAVAN Launching in Q1
Lee emphasized disciplined accumulation while optimizing staking returns. Bitmine has staked 3,040,483 ETH (valued at ~$6 billion), generating $171 million in annualized staking income. Its self-operated staking yields a 7-day return of 2.89%, beating the industry composite ether staking rate (CESR) of 2.81%. The "Made-in-America Validator Network" (MAVAN) is on track to launch in Q1 2026, offering a more secure and efficient staking infrastructure.
World's Largest ETH Corporate Treasury, $8.2B Unrealized Loss
After this addition, Bitmine remains the top ETH corporate holder and the second-largest crypto corporate treasury after Strategy Inc. (MSTR). It counts Cathie Wood's ARK, Founders Fund, Pantera, Kraken, and Lee himself among backers, targeting 5% of total ETH supply—73% achieved. However, on-chain analyst Yu Jie noted that with ETH far below Bitmine's average cost basis, unrealized losses have ballooned to roughly $8.2 billion.