Bitmine Immersion Technologies disclosed on Monday that its ethereum treasury has grown to more than 4.3 million ETH, leaving the firm about $480 million underwater as prices trade below its average entry level.
The digital asset treasury company said it now holds 4,325,738 ETH acquired at an average price of $2,125, giving the position a total cost basis of roughly $9.19 billion.
With ethereum changing hands near $2,015, Bitmine’s holdings currently reflect an unrealised loss of around $480 million, according to figures released on Feb. 9.
The update shows the scale of Bitmine’s accumulation strategy, with the firm adding 40,613 ETH in the past week and lifting its share of ethereum’s circulating supply to about 3.58%.
Despite the drawdown, Bitmine has leaned into staking, with 2,897,459 ETH staked as of Feb. 8, representing about $6.2 billion at cost and making it the largest known ethereum staker globally.
Executive chairman Tom Lee said the price decline mirrors previous ethereum cycles where sharp falls were followed by recoveries as network usage strengthened.
Bitmine said its ethereum exposure sits alongside smaller bitcoin holdings, cash and equity stakes worth about $10 billion in total, with plans to launch its Made in America Validator Network staking platform in early 2026.
At the time of reporting, Ethereum price was $2,133.79.