Key Highlights
- Bitmine announced that its combined crypto, cash, and equity holdings reached $9.6 billion.
- Tom Lee said the purchases were made despite ongoing weakness in crypto markets.
Bitmine Immersion Technologies (BMNR), an Ethereum (ETH) treasury firm, announced today that its combined crypto, cash, and equity holdings reached $9.6 billion as of February 16, 2026.
Over the past week, the company acquired 45,759 ETH, increasing its already sizable position. Chairman Thomas “Tom” Lee said the purchases were made despite ongoing weakness in crypto markets, describing the recent period as a “mini-winter.”
Boosting treasury
As per the official announcement, the company holds 4,371,497 ETH valued at $1,998 per token, alongside 193 Bitcoin (BTC). Other assets include $670 million in cash, a $200 million stake in Beast Industries, and a $17 million position in Eightco Holdings.
At current figures, Bitmine controls nearly 3.62% of Ethereum’s circulating supply of 120.7 million ETH. Previously, the company reported acquiring 40,613 ETH in early February.
Commenting on the latest purchase, Lee drew comparisons to prior downturns in 2018 and 2022 but noted the absence of large-scale industry failures in the current cycle. He added, “For us at Bitmine, we cannot control the price of Ethereum, and the company is acquiring ETH regardless of price trend, as the long-term outlook for Ethereum remains outstanding. Hence, we continue to buy ETH even as crypto moves through this ‘mini-winter.’”
Bet on Ethereum
Speaking at Consensus Hong Kong 2026, Chairman Tom Lee talked about ETH and the recent market volatility. He highlighted that Ethereum has bounced back from big drops before and is now getting close to a short-term bottom around $1,890. He also mentioned Bitcoin ratios, growing use in finance and AI, and creator-driven projects as reasons ETH is still important.
He added, “Ethereum has fallen more than 50% eight times, okay? In fact, last year, Ethereum fell 64% from January to March. But eight of eight times, Ethereum’s had a V-shaped bottom. So it’s recovered 100% of the time with almost the same speed it fell.”
Staking operations expand
Of the 4.37 million ETH held, 3,040,483 ETH is currently staked, representing about 69% of total holdings. At $1,998 per ETH, the staked portion is valued at approximately $6.1 billion.
Bitmine reported annualized staking revenue of $176 million, based on a 7-day yield of 2.89%. The broader Composite Ethereum Staking Rate (CESR), administered by Quatrefoil, stands at 2.84%.
Meanwhile, the company is also developing its own staking infrastructure, known as the Made in America Validator Network (MAVAN), which it expects to deploy in early 2026. Bitmine said it is currently working with three staking providers as part of that rollout.
Broader regulatory backdrop
Bitmine also pointed to recent U.S. policy initiatives, including the GENIUS Act and the SEC’s ‘Project Crypto,’ arguing that regulatory developments in 2025 could mark a structural shift for financial markets.
While Bitmine’s strategy remains focused on long-term crypto accumulation, the company continues to increase its Ethereum exposure during periods of market volatility, reinforcing its position as a concentrated ETH treasury.
Also Read: Tom Lee Says Investing in BitMine Beats Holding Ethereum
