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Tom Lee’s Ethereum-centric company persists in acquiring assets during the downturn in the crypto market, now holding 4.42 million ETH tokens, which accounts for approximately 3.66 percent of the overall supply.
Thomas Lee, chairman of BitMine and CIO of Fundstrat, on the main stage during Consensus Hong Kong 2026 (David Paul Morris/Consensus, modified by CoinDesk)
What to know:
- BitMine Immersion Technologies acquired 51,162 ether in the previous week, increasing its total Ethereum holdings to over 4.42 million tokens.
- The firm has invested approximately $16.4 billion in establishing its Ethereum treasury, which is currently valued at around half that figure, resulting in over $8 billion in losses during the market decline.
- The company stated it is now earning about $171 million in annualized staking revenue.
BitMine Immersion Technologies (BMNR) bought 51,162 ether (ETH) last week, amounting to roughly $98 million at present prices.
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This recent acquisition raised the firm’s total holdings to more than 4.42 million tokens as of February 22, securing 3.66% of the total token supply, according to the company’s latest update on Monday. Additionally, it possesses 193 bitcoin, $691 million in cash, and equity stakes that include a $200 million investment in Beast Industries and a smaller stake in Eightco Holdings.
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The firm indicated it is generating $171 million in annual revenue through staking more than 3 million of its ETH holdings.
BMNR has seen a 2% decrease in pre-market trading and is down approximately 60% over the last six months.
With the value of ETH continuing to decline—down another 3% in the past 24 hours to $1,918— the firm’s losses on its $16.4 billion in acquisitions now surpass $8 billion, as reported by DropsTab.
“During this ‘mini crypto winter,’ our focus remains on systematically implementing our treasury strategy and continuously acquiring ETH, thereby optimizing the yield on our ETH assets,” stated BitMine chairman Thomas Lee.
