Bitmine, supported by Tom Lee, Holds 3.6% of Ethereum Supply Following Price Decline

In a bold yet potentially lucrative move, Ethereum treasury firm Bitmine Immersion Technologies (BMNR) has emerged as the largest corporate holder of ETH, now possessing 3.6% of the overall supply after strategically purchasing during the price decline.

The company, supported by Fundstrat’s Tom Lee, acquired an additional 40,613 Ether last week as prices fell towards $1,700, increasing Bitmine’s total treasury to over 4.3 million tokens, despite facing significant unrealized losses from its ETH holdings, which were accumulated at an average price of $3,826.

Key Takeaways

• Bitmine acquired 40,613 ETH during the downturn, raising total holdings to 4.3 million tokens.
• The firm now holds approximately 3.6% of the total circulating Ethereum supply.
• Unrealized losses surpass $7.8 billion, with an average entry price of $3,826.

Bitmine’s Ethereum Accumulation Strategy Explained

Under the leadership of Chairman Tom Lee, Bitmine transitioned from Bitcoin mining to an Ethereum-focused treasury strategy in mid-2025, aiming to eventually secure 5% of the total ETH supply.

The company views temporary market declines as opportunities for acquisition rather than obstacles, reflecting high-conviction strategies observed in broader crypto market selloffs.

“Bitmine has been consistently acquiring Ethereum… due to the strengthening fundamentals,” Lee mentioned in a press release, addressing concerns regarding the firm’s $7.8 billion paper loss.

Lee contends that current prices do not accurately represent Ethereum’s utility as the “future of finance,” positioning the firm for long-term success despite the immediate challenges on its balance sheet.

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BitMine provided its latest holdings update for February 9th, 2026:
$10.7 billion in total crypto + “moonshots”:
– 4,325,738 ETH at $2,125 (@coinbase)
– 193 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $19 million stake in Eightco Holdings (NASDAQ:… pic.twitter.com/MR6hWu8lio

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) February 9, 2026

What 3.6% Supply Control Means for Ethereum Markets

Bitmine’s total holdings are now valued at approximately $8.7 billion based on current prices, which are slightly above $2,000.

On-chain data reveals that the firm acquired the latest batch of 40,613 tokens as ETH dropped from $2,300 to a low of $1,700.

In contrast to purely speculative holders, Bitmine utilizes its position for yield; nearly 2.9 million of its tokens are currently staked, generating an estimated $202 million in annualized rewards at current prices.

While investors continue to inject capital into the sector despite the downturn, Bitmine’s substantial scale enables it to absorb significant liquidity during periods of panic.

The company intends to launch MAVAN, a proprietary U.S.-based validator network, to potentially stake its entire holding and optimize yield generation.

At its peak, Bitmine’s ETH treasury was valued at over $14 billion. Source: DropsTab

How Bitcoin’s Concentration of Ethereum Could Affect ETH Price

The concentration of such a significant amount of Ether within a single corporate entity raises concerns regarding market influence and liquidation risks.

While Lee anticipates a V-shaped recovery, the firm remains significantly underwater with an average purchase price of $3,826. This resilience contrasts sharply with other institutional players; for example, Trend Research reduced Ether holdings to cover loans during the same market downturn.

If Bitmine maintains its position without being forced to sell, it could remove a considerable supply from the market, potentially accelerating price appreciation if demand returns.

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