BitMine increased its holdings by 41,788 ETH last week, with a total holding of over 4.28 million coins

According to PR Newswire, BitMine announced today that the total value of its cryptocurrency, cash, and "potential project" assets has reached $10.7 billion, having increased its holdings by 41,788 ETH over the past week.

As of February 1, 2026, at 6:00 PM Eastern Time, the company's crypto assets include:

• 4,285,125 ETH
• 193 BTC
• $200 million equity investment in Beast Industries
• $20 million equity investment in Eightco Holdings (NASDAQ: ORBS) ("potential project")
• and a total of $586 million in cash.

Bitmine Executive Chairman Thomas "Tom" Lee stated, "The price of ETH has significantly dropped from around $3,000 to about $2,300 over the past month. Meanwhile, Ethereum's daily trading volume has reached a historic high of 2.5 million transactions, and the number of daily active addresses soared to a historic peak of 1 million in 2026. In other words, on-chain activity and fundamentals for Ethereum have significantly strengthened over the past few months, yet the price of ETH has been declining. During the crypto winters of 2021-2022 or 2018-2019, Ethereum trading activity and the number of active wallets both saw declines, which is in stark contrast to what we have observed over the past 12 months.

Therefore, we believe that the reasons explaining the weakness in ETH prices are more related to non-fundamental factors. First and foremost, we believe that the main reason is that, influenced by the aftermath of the "October 10" event, leveraged funds have not yet returned to the cryptocurrency market.