Author：Fishing expert ks

BitMine Immersion Technologies has tightened its grip on Ethereum’s supply, taking its ether holdings to 4.285 million coins after acquiring 41,788 ETH over the past week, according to a company statement released Monday.

The Las Vegas–based firm said the purchases were made at an average reference price of about $2,317 per ETH, valuing the ether position at roughly $9.9 billion as of Feb. 1, the announcement noted.

In total, BitMine (NYSE American: BMNR) reported combined crypto, cash, and so-called “moonshot” investments of $10.7 billion, including $586 million in cash and smaller stakes in Bitcoin and private companies.

The accumulation has pushed BitMine’s ether holdings to about 3.55% of the network’s circulating supply of roughly 120.7 million ETH, placing the company more than 70% of the way toward an internal target it has framed as acquiring 5% of all ether in circulation.

BitMine’s accumulation pace has remained brisk. Last Monday, the firm disclosed a separate purchase of just over 40,000 ETH as part of the same build-up.

A growing share of that balance is now earning yield. BitMine said total staked ether has climbed to about 2.9 million ETH, up by nearly 900,000 ETH in the past week alone.

At current rates, the company estimates annualized staking revenue of about $188 million, with the figure expected to rise as more of its holdings are brought online through its in-house “Made in America Validator Network,” or MAVAN, which it plans to roll out in early 2026.

Bullish fundamentals

Executive Chairman Thomas “Tom” Lee asserted that the recent buying is a response to what he described as a disconnect between Ethereum’s onchain activity and its market price.

Ether has traded down from levels near $3,000 earlier this year to around $2,300, even as transaction counts and active addresses have reached record highs, according to data cited by the company. Lee said BitMine views the pullback as an opportunity to add exposure while fundamentals strengthen.

"Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Lee said in a statement. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance."

The scale of BitMine’s ether position has again strengthened its top spot among global Ethereum treasury firms and second overall among public crypto holders, behind Strategy Inc., which holds more than 713,000 bitcoin. Comparisons between digital asset treasuries have also sharpened investor focus on valuation. BitMine’s equity market capitalization of around $11.4 billion remains below the notional value of its ether reserves, a gap that has widened as shares have retreated in recent sessions.

Indeed, BitMine stock closed about 5% lower on Friday and was trading roughly 9% down in premarket hours on Monday. Ether’s price was similar in a downturn, sliding 2% today and over 20% in the past week, according to The Block’s price page.