BitMine Immersion Technologies, led by Executive Chairman Tom Lee, has executed another major Ethereum accumulation, staking an additional 140,400 ETH (worth approximately $282 million) on February 11, 2026. This move underscores the company's aggressive strategy to build its Ethereum treasury, viewing recent market volatility as a strategic buying opportunity.
On-chain data reveals that following this transaction, BitMine's total staked Ethereum holdings now stand at 2.97 million ETH, valued at around $6.01 billion. This represents 68.7% of the company's total ETH position. Overall, BitMine now holds approximately 4.366 million ETH, worth roughly $8.51 billion at a price of $1,951.93 per ETH. This massive holding equates to about 3.58% of Ethereum's circulating supply, putting the company 72% of the way toward its publicly stated goal of controlling 5% of the supply—a target it calls the "Alchemy of 5%".
Tom Lee explicitly framed the accumulation as a response to market conditions, stating, "The best investment opportunities in crypto have presented themselves after declines. Think back to 2025, the single best entry points in crypto occurred after markets fell sharply due to tariff concerns." He further expressed confidence in Ethereum's recovery potential, anticipating a "V-shaped" rebound in 2026.
Financially, the company's staking operations are a significant revenue source. Lee noted that BitMine's annual yield from its own staking is 3.32%, slightly above the Composite Ethereum Staking Rate of 3.11%. The company projects that at full scale, once all its Ether is staked through its upcoming MAVAN (Made in America Validator Network) and partners, annual staking rewards could reach $374 million, or over $1 million per day. The MAVAN staking solution is slated for launch in Q1 2026.
BitMine's total disclosed holdings amount to $10 billion, comprising its massive Ethereum position, 193 Bitcoin, a $200 million investment in Beast Industries (the corporate empire of MrBeast), a $19 million stake in Eightco Holdings, and a $595 million cash balance. The investment in Beast Industries, which recently moved to acquire the Gen-Z banking app Step, is seen as a potential "moonshot" that could significantly benefit BitMine if Beast Industries scales up or pursues an IPO.
Despite this aggressive strategy, the company faces challenges. BitMine's stock (NYSEAMERICAN: BMNR) fell 6.99% to $19.95 on the day of the announcement and is down over 59% in the last six months. Data from DropStab estimates the company has unrealized paper losses of about $7.5 billion on its acquisitions since November 30, 2025, reflecting the steep decline in ETH's price from its 2025 highs.
