BitMine Buys 51,000 Ether, Holdings Reach $8.8 Billion

Highlights:

• BitMine bought nearly 51,000 Ether last week for $98 million.
• The company now holds over 4.4 million ETH, worth about $8.8 billion. 
• BitMine has staked 3 million ETH and is generating $172 million in annual revenue.

BitMine Immersion Technologies bought nearly 51,000 Ether for $98 million last week. This brings its total Ether holdings to 4,473,587 ETH. At an average price of $1,976 per token, the Ether portfolio is worth about $8.8 billion.

BitMine’s new purchase now makes up around 3.7% of Ether’s circulating supply. The company is moving closer to its goal of controlling 5% of all Ether. BitMine also holds 195 Bitcoin and $868 million in cash. In addition, it has a $14 million stake in Eightco Holdings and $200 million investment in Beast Industries

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1/ BitMine provided its latest holdings update for March 2nd, 2026:

$9.6 billion in total crypto + "moonshots":
– 4,473,587 ETH at $1,976 (@coinbase)
– 193 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $14 million stake in Eightco…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) March 2, 2026

BitMine Earns Strong Returns from Staked Ether

Bitmine says it has staked about 3,040,483 ETH, which is roughly 68% of all the Ether it holds. At the current seven‑day yield of 2.86%, its staking activities are generating around $172 million in yearly revenue.

Looking ahead, Bitmine believes its staking income could climb to about $253 million each year if it ultimately stakes all of its Ether through its own platform, the Made in America Validator Network (MAVAN). MAVAN is an institutional-grade staking platform set to launch in Q1 2026. It allows BitMine to run its own Ethereum validators, cut fees, and scale rewards efficiently. Tom Lee said the company is already working with three different staking partners as part of its preparations.

Despite the large-scale acquisition, BitMine is facing possible losses of $7.34 billion. Analyst J.A. Maartunn recently noted that the company is sitting on unrealized losses of more than $7 billion due to ongoing price swings. Bitcoin returned to $69,000, and Ether climbed above $2,000 during Monday’s rally.

💥 $7.34B in Unrealized Losses

Bitmine is currently sitting on -$7.34B in unrealized losses.

That’s a massive paper drawdown — and a clear reminder of how quickly leveraged exposure can flip when price momentum fades. pic.twitter.com/b9gWNmWKhx

— Maartunn (@JA_Maartun) March 2, 2026

Price Drop Pressures BitMine’s Massive Ethereum Holdings

Ethereum has dropped 15% in the past 30 days. At the time of reporting, Ether trades at $2,055, marking a 2% increase in the last 24 hours. Trading volume has also decreased by 16% to $26.5 billion, while open interest fell as bearish sentiment spread across the market.

BitMine bought more Ether, hoping the price would rise. The company saw the move as a smart investment. BitMine expects Ether to reach $15,000 over time.

Recently, Tom Lee, co-founder and head of research at Fundstrat Global Advisors, said March could mark a key market turning point. He noted that recent volatility has been driven by investor fear. Despite ongoing macro and geopolitical pressures, sentiment may start to improve. Short-term price moves may not show the true strength of major assets. Lee added that Bitcoin and other cryptocurrencies have held up better than equities. Strong fundamentals, including network activity and adoption, could support a potential recovery.

The expert said today’s market worries are affecting risky assets. Fears about AI and sudden price swings have made investors nervous. He believes these fears are stronger than the real situation. This has caused more market ups and downs, and some selling has been random.

🔥TOM LEE: "March is going to be a turnaround month for the BETTER." pic.twitter.com/6rOImVPjkd

— Coin Bureau (@coinbureau) March 2, 2026