Bitmine Immersion Technologies (BMNR), the world's largest Ethereum reserve holder, announced today (2nd) that it has increased its holdings of Ethereum by 41,788 ETH in the past week, highlighting Bitmine's confidence in its long-term investment in Ethereum. Bitmine Executive Chairman Tom Lee also stated that this pullback is a good buying opportunity, and the company will continue to expand its Ethereum holdings, believing in its role as the core of future finance.
Bitmine asset allocation
According to the announcement, as of February 1, 2026, Bitmine's cryptocurrency holdings included: 4.285 million ETH (US$2,317 each), 193 Bitcoins (BTC), a US$200 million investment in Beast Industries, and a US$20 million "Moonshots" investment in Eightco Holdings (NASDAQ: ORBS). Bitmine also held US$586 million in cash, bringing its total market capitalization (crypto assets + cash + "Moonshots") to US$10.7 billion. Furthermore, Bitmine's ETH holdings represent 3.55% of the total Ethereum supply, exceeding 70% of Alchemy's 5% target.
Lee emphasized that although the price of ETH has fallen from about $3,000 to $2,300 in the past month, Ethereum on-chain activity and the number of active addresses have both reached record highs, indicating that its fundamentals remain strong.
Latest developments in ETH staking: Bitmine leads the world
According to the announcement, Bitmine's total staked ETH reached 2,897,459 (market capitalization of approximately $6.7 billion), an increase of 888,192 from last week, representing about 67% of the company's total ETH holdings. Lee stated that Bitmine's current staking volume surpasses that of any other entity globally, with an annualized staking yield of $374 million, translating to over $1 million in daily earnings.
Meanwhile, Bitmine is actively deploying the Made in America Validation Network (MAVAN) staking solution, in partnership with three staking service providers, and is expected to launch in early 2026, providing a secure and scalable staking infrastructure.
Tom Lee: Still Confident in Ethereum
In his announcement, Lee pointed out that the recent decline in ETH prices was mainly due to factors other than fundamentals, such as leveraged funds not yet flowing back into the crypto market and the diversion of risk appetite to rising precious metal prices. He also mentioned that gold's price movement is very similar to that of 1979-1980, and the recent single-day drop may indicate a short-term price peak.
Lee emphasized that Bitmine remains confident in Ethereum's long-term prospects, believing that ETH's price has not yet fully reflected its high utility and future financial foundation status, and the company will continue to accumulate assets.
Bitmine suffers a paper loss of $6.5 billion.
It is worth noting that despite Bitmine's continued increase in Ethereum holdings and Tom Lee's continued bullish views, according to the latest statistics from on-chain data analyst Yu Jin, Bitmine's average holding cost for Ethereum is currently $3,837 per ETH, far exceeding the current market price of Ethereum, resulting in Bitmine suffering a paper loss of up to $6.5 billion.
