BlockBeats News: On February 2, according to an official announcement, BitMine declared that the total value of its cryptocurrency holdings, cash, and "potential projects" reached $10.7 billion, with a recent weekly purchase of 41,788 ETH. As of 6:00 PM Eastern Time on February 1, 2026, the company's cryptocurrency assets include:
· 4,285,125 ETH coins
· 193 BTC
· A $200 million equity investment in Beast Industries
· A $20 million equity investment in Eightco Holdings (NASDAQ: ORBS) ("Potential Project")
· And a total of $586 million in cash
Thomas "Tom" Lee, Executive Chairman of Bitmine, stated: "The ETH price has sharply declined from around $3,000 to approximately $2,300 in the past month. Meanwhile, Ethereum's daily transaction volume has hit a historical high of 2.5 million transactions, and the number of daily active addresses in 2026 has surged to a record 1 million. In other words, on-chain activity and fundamentals of Ethereum have significantly improved over the past few months, yet the ETH price is falling. During the crypto winters of 2018-2019 or 2021-2022, Ethereum's transaction activity and active wallet numbers declined, which is the exact opposite of what we have observed over the past 12 months. Therefore, we believe the reason for the weak ETH price is more attributable to non-fundamental factors. First and foremost, we believe the main reason is that leveraged capital has not yet returned to the crypto market due to the lingering effects of the 'October 10th' event."
"Over the past week, we acquired 41,788 ETH," Lee continued. "Bitmine has been steadily accumulating Ethereum, and given the strengthening fundamentals, we find this pullback particularly attractive. In our view, the current ETH price does not reflect its high utility and its role as a core component of the future financial system."