Bitmine Expands Ethereum Treasury with 41,788 ETH Purchase, Holds $10.7B Debt-Free Assets

Highlights:

• Bitmine increases Ethereum holdings even as crypto markets remain under pressure.
• Company reports $10.7B treasury with no debt and growing staking income.
• Tom Lee warns of 2026 volatility but plans to buy during market dips.

Bitmine has expanded its Ethereum holdings after purchasing 41,788 ETH over the past week. The company said the move marked a major increase in its treasury, even as broader crypto markets remained under pressure. Chairman Tom Lee said the decision was based on improving Ethereum network metrics, despite the recent price decline.

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

$10.7 billion in total crypto + "moonshots":
– 4,285,125 ETH at $2,317 (@coinbase)
– 193 Bitcoin (BTC)
– $200 million stake in Beast Industries @MrBeast
– $19 million stake in Eightco Holdings (NASDAQ:…

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

Bitmine Holds $10.7B Treasury with No Debt

The company also noted that it carries no debt and continues to generate rising staking income, which supports its long-term treasury strategy. On February 2, Bitmine reported that its total holdings across cryptocurrencies, investments, and cash reached $10.7 billion.

Ethereum accounted for the largest share of these assets. The firm held 4,285,125 ETH, valued at $2,317 per coin using Coinbase pricing. However, Bitmine disclosed an unrealized loss exceeding $6 billion on its Ethereum position.

Alongside Ethereum, Bitmine held 193 Bitcoin, as well as equity investments in Beast Industries and Eightco Holdings. The company’s balance sheet also showed $586 million in cash, earning yields ranging from 3.5% to 3.9%. Lee said the absence of debt removes liquidity risks and allows Bitmine to continue accumulating assets without pressure to sell during market downturns. He added that this structure gives the company greater flexibility in managing its treasury amid ongoing market volatility. Bitmine said it had staked 2,897,459 ETH, valued at around $6.7 billion based on current market prices. The company noted that this figure increased by 888,192 ETH in just one week.

The staked Ethereum generated a Composite Ethereum Staking Rate of 2.81%, which is administered by Quatrefoil. Bitmine said it is working with three staking providers to support its staking operations. In addition, the company revealed plans to launch a commercial MAVAN validator network in 2026, aiming to further expand its staking infrastructure.

Bitmine also shared details of its recent Ethereum purchases. The firm acquired 40,302 ETH last week and an additional 98,852 ETH in late December. Following these purchases, Bitmine said it has become the largest Ethereum treasury holder globally. Across all crypto treasury holdings, the company now ranks second, behind Strategy.

Tom Lee Warns Early 2026 Could Be Volatile for Crypto Markets

Tom Lee has warned that early 2026 could be challenging for investors. He cited rising trade tensions and concerns around the Federal Reserve as key risks. He also pointed to added uncertainty as the Fed prepares to shift leadership from Jerome Powell to Kevin Warsh.

The year 2026, according to Lee, has the potential to pack fear, market decline, and a recovery into a single year that will be volatile. The period could also turn out like 2025, where there will be a risk of a steep fall and then opportunities to invest in assets. According to Lee, Bitmine will be looking forward to investing in the market when there is a pullback. The outcome of the crypto treasury of around $9 billion will depend on how it manages the risk.

"There’s a lot to be optimistic about in 2026,” says Tom Lee of @Fundsrat:https://t.co/hp2B09KAuM

— Squawk Box (@SquawkCNBC) January 5, 2026