BitMine Expands Ethereum Bet With $98 Million Despite $8B Unrealized Loss

BitMine Immersion Technologies (NYSE American: BMNR) has intensified its Ethereum accumulation strategy, solidifying its position as one of the largest corporate holders of ETH.

The company now holds 4.42 million ETH, representing approximately 3.66% of total supply, following a recent purchase of 51,162 ETH valued at $98 million.

The aggressive strategy comes during a period of extreme market pessimism, with the Crypto Fear & Greed Index recently hitting 5. Despite mounting volatility, BitMine continues treating current price levels as a long-term accumulation opportunity.

Ethereum Treasury Reaches $9.6 Billion in Total Holdings

As of February 23, 2026, BitMine’s balance sheet reflects a substantial crypto-heavy allocation:

• Total ETH holdings: 4.42 million ETH
• Staked ETH: 3,040,483 ETH (~$6.0 billion at $1,958 per ETH)
• Bitcoin holdings: 193 BTC
• Total cash reserves: $691 million
• Beast Industries stake: $200 million
• Total crypto + cash + “moonshots” holdings: $9.6 billion

The company reports that over 73% of its stated goal of acquiring 5% of ETH supply has been achieved within just seven months.

However, the firm is currently sitting on more than $8 billion in cumulative unrealized losses, making it a focal point of market scrutiny during this downturn.

Strategic Conviction and Institutional Backing

BitMine’s approach is closely aligned with the bullish long-term outlook of investor Thomas “Tom” Lee. The company views the current ETH price range around $1,900–$2,100 as a potential cyclical bottom ahead of a broader recovery.

The firm remains supported by a group of institutional investors that includes Cathie Wood’s ARK, Founders Fund, Pantera, Kraken, Digital Currency Group, Galaxy Digital, Bill Miller III, and others.

BitMine also stands out among crypto treasury companies for the liquidity of its stock. BMNR is currently the 165th most traded stock in the United States, with an average five-day trading volume of approximately $0.7 billion per day.

Market Influence and Systemic Considerations

With control of 3.66% of ETH supply, BitMine now rivals major staking entities and early ecosystem participants in terms of potential influence.

The company has staked over 3 million ETH, reducing liquid supply exposure in the short term. Its MAVAN staking solution remains on track for launch in Q1 2026.

However, analysts note concentration risk. If BitMine were ever forced to liquidate a meaningful portion of its ETH holdings to meet operating or debt obligations, the scale of supply involved could materially impact market pricing.

At present, the company’s $691 million cash buffer appears to provide operational flexibility, reducing immediate liquidity concerns despite the significant unrealized drawdown.

Diversification Beyond Ethereum

While Ethereum represents the core treasury strategy, BitMine has expanded into broader tech exposure:

• A $200 million investment in Beast Industries, led by Jimmy Donaldson (MrBeast)
• A smaller strategic position in Eightco Holdings

These allocations represent a modest portion of total assets relative to the Ethereum concentration.

Macro Triggers Ahead

Upcoming macro catalysts, including Nvidia earnings and PPI inflation data later this week, may influence near-term crypto market direction.

For now, BitMine remains committed to its accumulation strategy, positioning itself as a long-term Ethereum treasury vehicle while navigating one of the most volatile phases in the current cycle.

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