Strategy Adds 855 Bitcoin at $87,974 as BTC Slips Below Cost Basis; BitMine Expands Ethereum Holdings to 4.285 Million ETH With $6.6 Billion Unrealized Loss

Corporate Crypto Treasuries Diverge as Strategy Buys Bitcoin and BitMine Scales Ethereum and Staking Operations

TL;DR

• Strategy disclosed the purchase of 855 bitcoin for $75.3 million as BTC briefly traded below its average cost basis.
• BitMine expanded its ether holdings to 4.285 million tokens, representing about 3.55% of circulating supply, while ramping up staking.
• BitMine reported unrealized losses of about $6.6 billion as ethereum prices remained under pressure.

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Strategy disclosed on Feb. 2, 2026, that it acquired 855 bitcoin for approximately $75.3 million during the prior week, with the purchases executed at an average price of $87,974 per coin. The disclosure came after bitcoin briefly traded below the company’s average acquisition cost for the first time since late 2023, according to the filing. Following the transaction, Strategy’s total bitcoin holdings rose to 713,502 BTC, acquired for about $54.26 billion at a blended average price of $76,052 per bitcoin, based on company disclosures dated Feb. 1.

Bitcoin’s market move coincided with heightened volatility across the crypto price index, with BTC retreating sharply from earlier highs before stabilizing. Strategy’s filing detailed that the purchase was made using corporate funds and disclosed through a U.S. Securities and Exchange Commission report. The company remains the largest publicly traded holder of bitcoin, with its treasury position continuing to anchor comparisons across the coin market cap rankings among public firms tied to crypto price movements.

BitMine Immersion Technologies disclosed that it expanded its ether treasury to approximately 4.285 million ETH after acquiring 41,788 tokens over the past week, according to a company statement released Monday. The Las Vegas–based firm said the purchases were made at an average reference price of about $2,317 per ether, valuing its Ethereum position at roughly $9.9 billion at the time of the announcement. BitMine reported combined crypto, cash, and “moonshot” investments totaling about $10.7 billion, including $586 million held in cash.

The accumulation pushed BitMine’s Ethereum holdings to about 3.55% of the network’s circulating supply of roughly 120.7 million ETH, placing the firm more than 70% of the way toward its stated internal goal of acquiring 5% of all ether in circulation. The company noted that just one week earlier, it had disclosed a separate purchase of slightly more than 40,000 ETH as part of the same buildup, according to its statement.

BitMine said a growing portion of its ether balance is now generating yield, with total staked ETH reaching about 2.9 million tokens, an increase of nearly 900,000 ETH over the past week. At prevailing rates, the company estimated annualized staking revenue of about $188 million. The staking expansion is expected to be supported by its in-house “Made in America Validator Network,” or MAVAN, which BitMine plans to roll out in early 2026.

Executive Chairman Thomas “Tom” Lee said the recent buying reflects what he described as a disconnect between Ethereum’s onchain activity and its market valuation, as Ether fell from levels near $3,000 earlier this year to around $2,300 despite record transaction counts and active addresses cited by the company. “BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” Lee said in a statement. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”

A separate analysis published on Feb. 2 showed BitMine’s unrealized losses on its Ethereum holdings had expanded to approximately $6.6 billion, even as the company confirmed its total ETH position had grown to 4.285 million tokens. Portfolio data cited in the report showed total invested capital of about $15.65 billion, compared with a current holdings value of roughly $9.04 billion, representing an unrealized drawdown of more than 42%. The company reported no realized gains or losses and said no ether had been liquidated during the period.

Market data referenced alongside the disclosure showed Ethereum trading near $2,317, remaining under pressure over a multi-week period, while BitMine’s equity market capitalization stood at about $11.4 billion. BitMine shares closed about 5% lower on Friday and were down roughly 9% in premarket trading Monday, while ether was down about 2% on the day and more than 20% over the past week, according to price data tied to broader crypto price and coin market cap movements.

This article has been refined and enhanced by ChatGPT.