Bitmine’s $9.6bn ethereum treasury expands amid market weakness

Bitmine Immersion Technologies, a publicly traded crypto-focused firm, has scaled its treasury to US$9.6 billion, driven predominantly by its growing Ethereum holdings and staking operations, officials announced as of 22 February 2026. The accumulation comes as the broader crypto market contends with persistent price weakness, yet Bitmine’s strategy underscores its intent to cement a dominant position within the Ethereum ecosystem and global crypto treasuries.

Bitmine’s balance sheet now includes about 4.42 million Ether tokens, representing roughly 3.66 per cent of the total circulating supply and worth close to US$8.7 billion at prevailing market rates. Of this, 3.04 million ETH is deployed in staking to generate recurring yield, an amount that, at current prices, equates to approximately US$6 billion in staked assets. The firm has described this as yielding annualised revenues of about US$171 million, with future infrastructure enhancements expected to boost returns further. ][1])

Chairman Thomas “Tom” Lee has emphasised that market volatility has not deterred Bitmine’s treasury accumulation. Lee described the price environment as an opportunity for disciplined purchasing, noting that Bitmine added more than 51,000 ETH over the past week alone while maintaining its long-term accumulation targets. These purchases have been executed during a period the company termed a “mini crypto winter,” reflecting broader crypto price softness but not fundamental distress within network usage. ][1])

Bitmine’s ETH accumulation strategy is part of a defined goal to eventually secure 5 per cent of the entire Ethereum supply. With current holdings representing more than 73 per cent of that target, Bitmine is progressing towards this milestone through consistent purchases and staking, rather than short-term trading. Lee has indicated that the firm’s focus remains on methodical treasury growth and yield optimisation, with staking operations anticipated to generate higher returns once its proprietary validator infrastructure, known as the Made in America Validator Network, is fully deployed in early 2026. ][1])

The composition of Bitmine’s US$9.6 billion treasury extends beyond ETH. The firm also holds 193 Bitcoin, alongside significant equity stakes in other ventures, including a US$200 million investment in Beast Industries and a US$17 million stake in Eightco Holdings. Additionally, the company retains significant cash reserves, reported to be around US$691 million, which provides liquidity and strategic flexibility to navigate shifting market dynamics. ][1])

Market participants have noted that Bitmine’s heavy concentration in Ethereum positions it uniquely among publicly traded crypto firms. Analysts point out that, while the valuation of these holdings has suffered due to softer ETH prices compared with levels at which tokens were acquired, the large and methodical staking position mitigates some risk by generating steady income independent of price appreciation. Moreover, staking nearly 70 per cent of its holdings signals confidence in the long-term security and value accrual mechanisms of the Ethereum network.

Bitmine’s stock has become notable for its trading liquidity, with the company ranking among the more actively traded crypto-linked equities in the United States. Institutional backing from high-profile investors—such as ARK Invest’s Cathie Wood, Founders Fund, Pantera Capital, Kraken, DCG, and Galaxy Digital—adds further weight to Bitmine’s narrative as a leading crypto treasury vehicle. Lee has cited this support as critical in pursuing the firm’s ambitious accumulation objectives. ][1])

Observers of the crypto sector see Bitmine’s expansion of its treasury as a bellwether for institutional confidence in Ethereum’s role in future decentralised finance and blockchain adoption. While price volatility has dampened near-term returns across the sector, the combination of yield-generating staking activity and long-term accumulation positions signals a broader thesis among some institutional players that infrastructure and utility will drive value over multi-year horizons. ][1])