U.S.-based crypto infrastructure firm BitMine Immersion Technologies announced on February 1 that its Ethereum (ETH) holdings have surged to approximately 4.28 million ETH, officially making it the largest corporate holder of Ethereum in the world.
BitMine keeps buying, even while sitting on a $6B loss
Just added 41,788 $ETH ($96M)
Now holding 4.285M ETH
That’s ~3.6% of the entire Ethereum supplyBig money accumulates. Noise traders panic. pic.twitter.com/ynd4hlnvn2
— Calvin_Fvand (@parnobis) February 3, 2026
The company revealed it purchased an additional 41,788 ETH over the past week, bringing its total balance to 4,285,125 ETH , which is equivalent to roughly 3.55% of Ethereum’s total circulating supply.
Including cash and other assets, BitMine’s treasury is now valued at approximately $10.7 billion, positioning the firm as the second-largest corporate crypto treasury globally, behind Strategy Inc. Holdings also include 193 Bitcoin (BTC) and a $200 million strategic investment in Beast Industries.
Ethereum Price Falls, but Network Fundamentals Hit Record Highs
BitMine Chairman Tom Lee acknowledged that ETH has declined from around $3,000 to $2,300 over the past month. However, he emphasized that Ethereum’s on-chain fundamentals continue to strengthen.
According to Lee:
Daily transactions have reached an all-time high of 2.5 million
Active addresses are hovering near 1 million per day
Lee argued that Ethereum’s current market price does not reflect its growing utility or long-term role in global finance. BitMine views this divergence between price and fundamentals as a compelling accumulation opportunity.
The aggressive buying campaign was made possible after shareholders approved expanded capital-raising authority on January 15. BitMine has been issuing equity to fund ETH purchases and has publicly stated its ambition to ultimately control 5% of Ethereum’s total supply.
Staking Nearly 3 Million ETH as BitMine Builds Validator Network
BitMine has already staked approximately 2.89 million ETH, representing about 67% of its total holdings , which is an increase of nearly 880,000 ETH in just one week.
Lee claims the company is now the largest Ethereum staker among corporate entities, drawing increased attention from crypto staking analysts and institutional investors alike.
The firm is also developing its proprietary validator infrastructure, known as MAVAN, which is expected to launch in early 2026. Once fully operational, MAVAN could generate an estimated $374 million in annual staking rewards.
BitMine’s rapid accumulation has already impacted the Ethereum network, with validator queue times reportedly stretching to 54 days.
Unlike traditional business models driven by operating revenue, BitMine’s strategy relies heavily on equity issuance combined with long-term Ethereum appreciation, marking a bold departure from conventional corporate treasury management.
