Bitmine is rapidly emerging as the dominant Ethereum treasury player, accelerating its accumulation strategy at a pace that now puts it within striking distance of controlling 5% of ETH’s total supply.
Key Takeaways
Bitmine’s total holdings have reached $10 billion, led by aggressive Ethereum accumulation.
The company now controls about 3.6% of ETH supply and is targeting 5%.
Nearly 2.9 million ETH is staked, making Bitmine the largest ETH staker globally.
The company disclosed that its combined crypto holdings, cash reserves, and strategic investments now total $10 billion, underscoring how aggressively it has leaned into Ethereum during the current market downturn.
As of February 8, Bitmine holds more than 4.3 million ETH, valued at roughly $9.2 billion at $2,125 per coin, alongside 193 Bitcoin and nearly $600 million in cash. That ETH position alone represents about 3.58% of the entire Ethereum supply, meaning the firm has already completed over 70% of its internally defined “Alchemy of 5%” target in just six months.
Staking strategy becomes a core revenue engine
A key pillar of Bitmine’s strategy is staking. Nearly 2.9 million ETH is now staked, translating into approximately $6.2 billion at current prices. This makes Bitmine the largest ETH staker globally, according to the company.
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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
At full scale, once its validator infrastructure is fully deployed, staking rewards could exceed $370 million annually, or more than $1 million per day. Current annualized staking revenues are already above $200 million, reflecting both rising stake size and improving yields.
MAVAN launch set for early 2026
That infrastructure effort centers on MAVAN, short for the Made in America Validator Network, which remains on track for launch in the first quarter of 2026. The platform is designed to offer institution-grade staking with a focus on security, resilience, and domestic infrastructure.
Bitmine is currently working with multiple staking partners as it prepares to roll out MAVAN, positioning the network as a long-term foundation for its Ethereum accumulation strategy.
Beyond crypto: cash, moonshots, and strategic investments
Bitmine has also been actively deploying capital beyond core crypto holdings. The company recently closed an initial $200 million investment into Beast Industries and maintains additional “moonshot” positions, including an equity stake in Eightco Holdings.
Combined with nearly $600 million in cash, these assets provide Bitmine with flexibility to continue accumulating crypto during periods of market stress while maintaining liquidity.
BMNR stock sees exceptional trading activity
Market activity around Bitmine’s stock reflects rising institutional interest. BMNR is now among the most actively traded equities in the US, averaging roughly $1.3 billion in daily trading volume over the past week.
That places the stock around the 107th most traded in the country, ahead of many established technology names, and gives Bitmine unusually high liquidity for a crypto-focused treasury company.
Institutional backing strengthens long-term thesis
Support for Bitmine’s strategy extends well beyond retail investors. Its shareholder base includes major institutional and venture players such as ARK, Founders Fund, Pantera, Galaxy Digital, DCG, Kraken, and Bill Miller III, alongside personal investment from Tom Lee.
The company’s objective remains unchanged: continue accumulating Ethereum until it reaches 5% of total supply, using market drawdowns as entry opportunities.
Ethereum fundamentals and upgrade roadmap remain intact
Tom Lee has framed the current ETH drawdown as a familiar phase in crypto cycles rather than a structural breakdown. Ethereum has fallen more than 60% from its 2025 highs, yet network usage metrics are hitting records, with daily transactions and active addresses both reaching all-time highs in 2026.
Looking ahead, Ethereum’s roadmap remains active. Developers have confirmed two major protocol upgrades for 2026, with Glamsterdam planned for the first half of the year to improve execution efficiency, followed by Hegota in the second half, targeting state growth and long-term node sustainability.
Ethereum technical analysis: momentum stabilizes after sell-off
From a technical perspective, Ethereum appears to be stabilizing after last week’s sharp drop toward the $1,700 area. Price has since rebounded and is now consolidating in the $2,030–$2,090 range, suggesting selling pressure is easing.
RSI on the 1-hour chart sits in the mid-40s after rebounding from near-oversold levels. This signals reduced downside momentum, though bullish confirmation would require a sustained move above 50.
MACD remains slightly negative, but the histogram is contracting and the signal lines are flattening. This often precedes a potential bullish crossover if price continues to hold above recent lows.
Overall, Ethereum appears to be transitioning from a sharp corrective phase into consolidation. If momentum indicators continue to stabilize, the technical setup aligns with Bitmine’s view that ETH could rebound as quickly as it fell.
