Bitmine said Feb. 17 that it acquired 45,759 ETH for roughly $91.4 million at an average price of $1,998 per token, pushing its total ethereum holdings to 4,371,497 ETH—valued near $8.73 billion at the same price point. The company now controls about 3.62% of ethereum’s 120.7 million circulating supply.

Chaired by Tom Lee, Bitmine has made no secret of its “alchemy of 5%” ambition: accumulate 5% of the total ETH supply. With more than 72% of that goal achieved in roughly seven months, the firm appears to be in accumulation mode regardless of short-term price swings.

Lee described current crypto market conditions as a “mini-winter,” arguing that sentiment has fallen to levels reminiscent of prior cycle lows in 2018 and 2022. “We cannot control the price of ethereum, and the company is acquiring ETH regardless of price trend, as the long-term outlook for ethereum remains outstanding,” Lee said in the company’s press release.

Staking remains central to the strategy. As of Feb. 16, Bitmine had staked 3,040,483 ETH—about 69% of its total holdings—valued at approximately $6.1 billion. The staked balance generates about $176 million in annualized revenue, based on a 2.89% internal 7-day annualized yield, slightly above the Composite Ethereum Staking Rate (CESR) of 2.84%. At full deployment, the company estimates annual staking rewards could reach $252 million.

Beyond ethereum, Bitmine holds 193 bitcoin, $670 million in cash, and minority stakes in Beast Industries and Eightco Holdings. Combined crypto, cash, and “moonshot” investments total about $9.6 billion.

Market reaction was cautious. Shares of BMNR are down 4.68% at $19.98 on Tuesday afternoon, reflecting investor concern over roughly $8 billion in unrealized losses tied to earlier purchases at higher prices. Even so, the company maintains it is playing a long game, citing the Ethereum network’s potential role in tokenization, artificial intelligence (AI) applications, and creator-focused ecosystems.

Whether that thesis proves prescient remains to be seen. What is clear: Bitmine is not waiting for sunnier skies to add to its pile.

• Why did Bitmine acquire more ethereum?
  The company says it is executing a long-term treasury strategy aimed at accumulating 5% of the total supply.
• How much ethereum does Bitmine now hold?
  Bitmine holds 4,371,497 ETH, representing about 3.62% of the circulating supply.
• How much of Bitmine’s ethereum is staked?
  Approximately 3,040,483 ETH—about 69% of its holdings—are currently staked.
• How is the market reacting to the purchase?
  BMNR shares fell 4.68% on Feb. 17 midday, as investors weighed unrealized losses against the firm’s long-term strategy.

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