TLDR
- BitMine Immersion Technologies bought 41,788 ether last week, bringing total holdings to 4.29 million tokens worth roughly $10 billion
- The company’s unrealized losses hit approximately $6 billion as ether dropped to around $2,300 over the weekend
- BMNR stock fell 5% in Monday trading, hitting new 7-month lows
- BitMine now owns 3.55% of Ethereum’s total circulating supply and has staked nearly 2.9 million tokens generating $188 million in annual revenue
- Chairman Tom Lee noted Ethereum blockchain activity hit record highs while prices fell, unlike previous bear markets
BitMine Immersion Technologies bought another 41,788 ether last week. The purchase was worth about $96 million at current prices.
Bitmine Immersion Technologies, Inc., BMNR
The acquisition pushed the company’s total ether holdings to 4,285,125 tokens. That represents 3.55% of Ethereum’s entire circulating supply.
This marks BitMine’s largest weekly ether purchase of 2026 so far. The company continues its strategy of accumulating tokens even as prices tumble.
Ether crashed to around $2,300 over the weekend. The drop hammered BitMine’s balance sheet hard.
The firm’s total holdings now include $10.7 billion in crypto, cash, and equity investments. That includes 193 bitcoin, $586 million in cash, a $200 million stake in Beast Industries, and a $20 million position in Eightco Holdings.
BMNR shares dropped 5% in Monday morning trading. The stock hit new 7-month lows as investors reacted to the crypto market carnage.
Record Blockchain Activity Despite Price Crash
BitMine’s unrealized losses now sit at roughly $6 billion. That’s a staggering paper loss as ether continues its slide from the $3,000 level it held just a month ago.
Chairman Tom Lee pointed to a strange disconnect in the market. Ethereum blockchain activity is hitting all-time highs while prices crater.
Daily transactions reached 2.5 million, a new record. Active addresses also soared to 1 million per day in 2026.
Lee noted this pattern differs sharply from previous bear markets. During the crypto winters of 2021-2022 and 2018-2019, transaction activity and active wallets declined alongside prices.
He blamed non-fundamental factors for the price weakness. Lingering effects from October’s crypto crash continue to weigh on the market, he said.
The surge in precious metals prices has also pulled liquidity away from crypto. Lee compared gold’s recent behavior to its 1979-1980 pattern.
On January 30, gold fell 9%, its fourth-largest daily decline ever. Lee suggested this could mark a near-term top for the precious metal.
Staking Revenue Ramps Up
BitMine has ramped up its staking operations aggressively. The company now has 2,897,459 ether staked, up 888,192 tokens in just one week.
That’s about 67% of BitMine’s total holdings. The staked position generates approximately $188 million in annual revenue at current rates.
When fully staked, BitMine’s position could generate $374 million annually. That works out to more than $1 million per day in staking rewards.
The company is working with three staking providers. BitMine plans to launch its own staking solution called MAVAN in early 2026.
BitMine remains the world’s largest Ethereum treasury. It ranks as the second-largest crypto treasury globally behind Strategy Inc., which holds $55 billion in bitcoin.
BMNR stock trades about $1.1 billion per day based on recent five-day averages. That makes it the 105th most-traded stock in the United States.
The company’s investor roster includes Cathie Wood’s ARK Invest, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital.
BitMine acquired 41,788 ether tokens last week at an average price of around $2,300 per token.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
