Bitmine Immersion Technologies said it holds 4,325,738 ETH, acquired at an average price of $2,125 per ETH, putting its total cost basis near $9.19 billion, according to company figures released Feb. 9. With ether changing hands around $2,015, the company’s ethereum position currently reflects an unrealized loss of about $480 million.

The disclosure highlights both the scale and timing of Bitmine’s accumulation strategy. The company added 40,613 ETH in the past week alone, continuing a steady buying campaign that has pushed its holdings to roughly 3.58% of ethereum’s circulating supply, based on current issuance data.

Despite the paper loss, Bitmine has leaned heavily into staking as a way to extract yield from its treasury. As of Feb. 8, the firm had 2,897,459 ETH staked, representing about $6.2 billion at its stated cost basis, making it the largest known ethereum staker globally, according to company statements.

Executive Chairman Tom Lee acknowledged the price drawdown but framed it as familiar territory for ethereum holders. Lee pointed to prior cycles where ETH suffered declines of 50% or more before rebounding, arguing that network activity and usage metrics have strengthened even as prices softened.

Bitmine’s ethereum exposure sits alongside smaller bitcoin holdings, cash reserves, and strategic equity stakes, bringing its total crypto and cash holdings to about $10 billion, the company said. The firm also plans to roll out its proprietary Made in America Validator Network (MAVAN) staking infrastructure in early 2026, aiming to further scale staking rewards.

For now, Bitmine’s balance sheet tells a familiar crypto-treasury story: bold accumulation, deep conviction, and a market reminder that even billion-dollar positions can drift into the red before the long game plays out.

Also read: Saylor Buys Again: Strategy Adds 1,142 BTC as Paper Losses Top $5 Billion

• How much Ethereum does Bitmine hold?
  Bitmine holds 4,325,738 ETH, representing about 3.58% of the total ETH supply.
• What is Bitmine’s average ETH purchase price?
  The company paid an average of $2,125 per ETH, totaling roughly $9.19 billion.
• How large is Bitmine’s unrealized loss?
  At ETH prices near $2,015, the unrealized loss stands at about $480 million.
• How much ETH has Bitmine staked?
  Approximately 2.9 million ETH is currently staked by the company.

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