Summary
• BitMine Ethereum holdings rose to 4.42 million ETH after a $98M purchase.
• The firm has invested $16.4B but now faces over $8B in unrealized losses.
• Staking operations generate about $171M in annualized revenue.
Introduction
BitMine Ethereum holdings expanded again last week despite mounting losses.
The company added 51,162 ether, valued at roughly $98 million at current prices. As a result, its total holdings climbed above 4.42 million ETH.
The update came Monday from BitMine Immersion Technologies, which continues to build one of the largest known corporate Ethereum positions.
BitMine Ethereum Holdings Expand During Market Weakness
According to the company’s latest statement, the new purchase increased its exposure to roughly 3.66% of Ethereum’s total supply as of February 22.
Meanwhile, Ethereum traded near $1,918, down 3% over 24 hours at the time of reporting.
The firm estimates it has spent about $16.4 billion accumulating ETH. However, current market prices imply unrealized losses exceeding $8 billion.
Chairman Thomas Lee described the environment as a “mini crypto winter.” He said the company remains focused on steadily acquiring ETH and optimizing yield from its holdings.
Treasury Strategy Faces Valuation Pressure
While prices declined, BitMine continued deploying capital into Ethereum.
Notably, the company stakes more than 3 million ETH. That activity generates approximately $171 million in annualized revenue, according to its update.
In addition to ETH, the firm holds 193 bitcoin and about $691 million in cash. It also disclosed a $200 million investment in Beast Industries and a smaller stake in Eightco Holdings.
Still, equity markets reacted cautiously. Shares of BMNR fell about 2% in pre-market trading. Over the past six months, the stock has declined roughly 60%.
Context
Corporate crypto treasury strategies gained attention after companies began accumulating bitcoin as a reserve asset in 2020.
However, Ethereum-focused treasuries remain less common. Traders closely monitor concentrated holdings because large positions can amplify balance sheet volatility.
The current drawdown follows broader weakness in digital assets. Market participants often describe such periods as “crypto winters,” marked by falling prices and tighter liquidity.
Market Impact
Ethereum’s price remains under pressure, trading near $1,918 at publication.
As a result, firms with leveraged or concentrated exposure face mark-to-market stress.
At the same time, staking yields provide recurring income, which some treasury managers view as a cushion against volatility.
However, revenue from staking depends on network participation and market value. If prices fall further, yield in dollar terms would decline as well.
Industry View
Lee’s comments suggest the company views the downturn as cyclical rather than structural.
Yet critics of concentrated crypto treasuries argue that balance sheet risk can intensify during prolonged drawdowns.
Without price stabilization, unrealized losses may continue to widen.
BitMine Ethereum holdings now exceed 4.42 million ETH following another major purchase.
The strategy reflects long-term conviction in Ethereum’s role within digital finance. However, current valuations leave the firm carrying more than $8 billion in paper losses.
Investors will likely watch both Ethereum’s price trajectory and staking revenue sustainability in the months ahead.
