Overview
- On-chain data from Lookonchain citing Arkham shows BitMine bought about 20,000 ETH for $41.98 million on February 7 from a Kraken hot wallet.
- Company updates on February 9 put holdings at 4,325,738 ETH, roughly 3.6% of supply and more than 70% of its 5% accumulation goal.
- Nearly 2.9 million ETH is now staked, with BitMine targeting early-2026 deployment of its MAVAN validator network and projecting rewards of roughly $370 million annually at full scale.
- The latest purchases followed a week of roughly 42,000 ETH added as Ethereum fell about 30% over 30 days, touching lows near $1,824 and trading around $2,100.
- BitMine’s shares have recently traded below reported NAV despite the larger ETH balance and growing staking operations.