worldcoinindex.com
Ether treasury firm BitMine Immersion Technologies significantly expanded its Ethereum holdings during last week’s market sell-off, reinforcing its commitment to a high-conviction treasury strategy even as paper losses continue to mount.
In a disclosure released Monday, the company said it purchased 40,613 $ETH during the downturn, bringing its total holdings to more than 4.326 million $ETH. At current market prices, that position is valued at roughly $8.8 billion.
The accumulation comes despite BitMine sitting well below its aggregate acquisition cost. A large share of its Ether—approximately 2.87 million $ETH—is staked on the Ethereum network, where it is locked to support network security in exchange for staking rewards paid in additional Ether. This structure provides the company with an ongoing yield stream, partially offsetting price volatility.
BitMine reported that the combined value of its digital assets, cash reserves, and higher-risk investments stands at $10.0 billion. By comparison, the company closed the November 2025 quarter with digital assets valued at $10.6 billion, according to regulatory filings.
While the firm’s treasury approach has faced criticism due to its sensitivity to Ether price swings, BitMine continues to generate operating cash flow from staking rewards as well as from its immersion-cooled data center business, which supplies infrastructure for high-performance computing workloads.
The strategy has translated into pronounced equity volatility. BitMine shares have fallen more than 31% over the past month and roughly 60% over the past six months, mirroring Ether’s sustained decline. The broader crypto market has remained under pressure since an October flash crash triggered an estimated $19 billion in forced liquidations, followed by successive waves of selling through November and again in late January.
Extended market stress has led some $ETH-focused investment firms to scale back exposure as part of broader risk management efforts. However, most companies holding Ether on their balance sheets have so far avoided selling into weakness.
Industry data shows that BitMine is currently the only firm to have increased its Ether holdings over the past 30 days. Among more than two dozen publicly known $ETH-holding companies, positions have largely remained unchanged, with only one firm trimming a relatively small portion of its holdings during the same period.