Bitmine Immersion Technologies disclosed that its combined crypto, cash, and so-called moonshot investments total $9.6 billion. The Las Vegas-based firm reported holdings of 4,422,659 ETH valued at $1,958 per token as of Feb. 22 at 6 p.m. ET. The update arrived as Strategy revealed it purchased another 592 BTC.
Bitmine stated that it controls 3.66% of ethereum’s 120.7 million token supply. The company said it has completed more than 73% of its target to acquire 5% of all ETH. Over the past week, Bitmine added 51,162 ETH, its largest purchase since December.
Chairman Tom Lee framed the move as part of a disciplined treasury plan.
“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings,” Lee said in a Monday statement.
The company’s ETH stack carries an average acquisition cost of $3,821 per token. With ETH down more than 50% from recent highs, Bitmine faces roughly $8.4 billion in unrealized losses. The firm has not signaled any retreat from its accumulation strategy.
Staking revenue and MAVAN rollout
Bitmine has staked 3,040,483 ETH, which represents about 69% of its total holdings. At current prices, the staked portion stands near $6 billion. The company reported annualized staking revenue of $171 million. Its 7-day annualized yield sits at 2.89%, slightly above the Composite Ethereum Staking Rate of 2.81%.
The firm also confirmed development of its Made in America Validator Network, known as MAVAN. Bitmine expects the staking infrastructure platform to launch in early 2026. The company described MAVAN as a secure, U.S.-based validator network designed to support its treasury strategy.
Beyond ethereum, Bitmine holds 193 bitcoin, $691 million in cash, a $200 million stake in Beast Industries, and a $17 million position in Eightco Holdings. It ranks as the largest ethereum treasury globally and the second-largest crypto treasury overall behind Strategy.
Heavy trading activity amid share decline
BMNR shares rank among the most actively traded in the United States. The stock recorded a five-day average daily dollar volume of $0.7 billion, placing it 165th among 5,704 listed stocks. Despite the liquidity, shares have dropped more than 28% this month and over 57% across a six-month period.
The equity decline coincides with sustained weakness in ethereum markets. The 20-day Exponential Moving Average stands at $2,087 and slopes lower. The Relative Strength Index reads 31, near oversold territory, while the Stochastic indicator remains depressed at 17. Over the past 24 hours, ETH recorded $97 million in liquidations, including $82.9 million in long positions, according to Coinglass data.
Ethereum exchange-traded funds posted net outflows of $123.3 million last week, based on SoSoValue data. Fundstrat analyst Sean Farrell stated in a recent report that ETH trades about 22% below its realized price, which represents the average on-chain cost basis of investors. The report outlined implied lows of $1,770 and $1,367 when applied to a realized price near $2,241.
Some useful research by @fundstrat @SeanMFarrell regarding $ETH and realized prices
— Bitmine (NYSE-BMNR) $ETH (@BitMNR) February 19, 2026
- the "cost basis" onchain, or ETH "realized price", is $2,241
- the current ETH price is $1,934
The loss for "realized" price -22% pic.twitter.com/4lPIBD5NrM
Diverging signals within the ecosystem
Bitmine’s accumulation contrasts with sell-side activity elsewhere in the ecosystem. Ethereum co-founder Vitalik Buterin has sold ETH from personal wallets in recent weeks. Those sales amounted to millions of dollars and coincided with consolidation and volatility in ETH markets.
Lee has pointed to structural drivers behind ethereum’s utility, including Wall Street tokenization, artificial intelligence-related blockchain use, and the creator economy. He has characterized the current downturn as a mini winter rather than a structural breakdown.
The company’s approach blends accumulation with yield generation. By staking the majority of its holdings, Bitmine seeks to offset price volatility through network rewards. Its reported yield metrics indicate a marginal edge over the composite staking rate.
Bitmine’s disclosures offer a clear snapshot of institutional conviction during a period of market stress. The firm continues to expand its ETH position despite unrealized losses and equity declines. Court filings, market data providers, and company statements form the basis of the figures cited. The next phase will test whether treasury-focused accumulation and staking income can counterbalance prolonged price weakness in ethereum markets.
Oleksii Shumak
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