Bitmine Holdings Reach $10 Billion amid ETH Slumps

Bitmine Immersion Technologies has announced that its combined crypto holdings, cash reserves, and strategic investments have reached $10 billion. The announcement came on February 9, 2026, as the company continues its aggressive Ethereum accumulation strategy despite a 62% price decline from 2025 highs.

https://twitter.com/WuBlockchain/status/2020857061983019404?s=20

The firm’s treasury now holds 4,325,738 ETH valued at approximately $9.2 billion at current prices of $2,125 per token. This position represents 3.58% of Ethereum’s total circulating supply of 120.7 million ETH. Additional holdings include 193 Bitcoin, $595 million in cash, and stakes in Beast Industries and Eightco Holdings.

Executive Chairman Thomas Lee confirmed the company acquired 40,613 ETH in the past week alone. Bitmine now ranks as the world’s largest Ethereum treasury and the second-largest overall crypto treasury globally, trailing only Strategy Inc.’s 713,502 BTC position valued at $51 billion.

Bitmine Staking Operations Drive Revenue Growth

Bitmine’s staking operations have expanded significantly, with 2,897,459 ETH now staked across the company’s infrastructure. This staked position is valued at $6.2 billion at current market prices. The staked amount represents approximately 67% of Bitmine’s total Ethereum holdings.

Annualized staking revenues have climbed to $202 million, marking a 7% increase over the past week. The company’s internal staking operations generated a 7-day annualized yield of 3.3234%, exceeding the benchmark Composite Ethereum Staking Rate of 3.11%.

At full staking capacity, the company projects annual rewards of $374 million, translating to more than $1 million in daily revenue. Bitmine claims to have staked more ETH than any other entity globally. The company continues development of its Made in America Validator Network, dubbed MAVAN.

MAVAN is described as a “best-in-class” secure staking infrastructure solution. Deployment is scheduled for early 2026. Bitmine is currently working with three staking providers as part of the MAVAN rollout.

Trading Volume and Market Position

Bitmine stock has emerged as one of the most actively traded securities in the United States. According to Fundstrat data, the stock recorded an average daily dollar volume of $1.3 billion over the five trading days ending February 6, 2026.

This trading volume ranks Bitmine at position 107 among 5,704 US-listed stocks. The company sits between Arista Networks at rank 106 and Monolithic Power Systems at rank 108. These rankings are based on Statista.com data and Fundstrat research.

Lee noted that the current Ethereum price decline marks the eighth time since 2018 that ETH has fallen 50% or more from a recent high. Such corrections have historically occurred on an annual basis. In early 2025, ETH fell 64% between January and March before rallying from $1,600 to $5,000 later that year.

Meanwhile, Ethereum network fundamentals have strengthened despite the price weakness. Daily transactions recently hit an all-time high of 2.5 million, according to The Block. Active addresses also reached a record 1 million daily users in 2026.

Technical Analysis

Ethereum continues to trade under pressure, hovering near the $2,000 psychological support level. The token has remained range-bound after failing to sustain rebounds above key resistance zones. Recent attempts to push toward $2,300 met immediate selling pressure.

Leveraged position unwinds and macro-linked risk aversion have amplified recent sell-offs. Large fund-related ETH sales have added to downside pressure. Analysts warn that liquidation risks could trigger additional volatility if market conditions deteriorate further.

The near-term trajectory remains neutral to bearish until ETH establishes sustained momentum above the $2,300 resistance zone.