Floating loss of 6.5 billion USD, still buying! Bitmine bought over 41,000 ETH last week to bottom out.

2026-02-03 10:53:09

Abstract generation in progress

Led by “Wall Street Oracle” Tom Lee, Bitmine Immersion Technologies (Stock Code: BMNR) continues to strengthen its long-term bet on Ethereum. According to a statement released on Monday, Bitmine bought an additional 41,788 ETH over the past week, bringing its total holdings to 4.285 million ETH.

Bitmine stated that the average purchase cost per ETH for this batch was approximately $2,317. As of February 1, the company’s ETH holdings are valued at about $9.9 billion, with an unrealized loss (paper loss) exceeding $6.5 billion.

In addition to the expanding ETH holdings, Bitmine also disclosed that its total holdings of cryptocurrencies, cash, and “Moonshot (Ethereum ecosystem investments)” amount to $10.7 billion, including $586 million in cash, as well as Bitcoin holdings and strategic investments in private companies and promising projects.

This recent increase has brought Bitmine’s ETH holdings to 3.55% of the total circulating supply on the network (approximately 120.7 million ETH). The company’s long-term goal is to hold 5% of all circulating ETH, with progress already exceeding 70%.

Bitmine also revealed that the total amount of staked ETH has risen to about 2.9 million, with nearly 900,000 ETH added to staking just last week. Based on current rates, Bitmine estimates an annualized staking income of approximately $188 million.

Tom Lee, Chairman of Bitmine, stated that the recent continued accumulation of ETH is due to a disconnect between “on-chain activity” and “ETH market price.” He observed that despite ETH falling from $3,000 at the start of the year to around $2,300, on-chain data shows a very different strong scene: daily trading volume and active addresses have hit all-time highs.

Tom Lee pointed out that Bitmine believes this correction is a good opportunity to increase holdings when fundamentals are strengthening. He said:

Given the continued strength of Ethereum’s fundamentals, we believe this correction is highly attractive, and therefore Bitmine has been steadily buying ETH. We believe that the current price does not reflect ETH’s high utility and its future importance in the financial sector.

ETH-2,93%

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