Bitmine Immersion Technologies (BMNR) announced on Monday that its Ethereum holdings have reached 4.14 million ETH, worth approximately $13.2 billion. The company currently owns 3.43% of the total Ethereum supply and has already generated 779,000 ETH in staking yield.
This aggressive buildup is in sharp contrast to Strategy, Inc. (MSTR), which disclosed $17.44 billion in unrealized losses in the fourth quarter on the same day.
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Bitmine bets on staking yield
Bitmine Chairman Tom Lee said the company acquired 32,977 Ethereum in the last week of 2025, maintaining its position as the world’s largest “fresh money” buyer of Ethereum. The company aims to accumulate 5% of total supply, a goal Lee calls “5% alchemy.”
“We are excited about Ethereum’s prospects in 2026, given the multiple tailwinds of the US government’s support for cryptocurrencies and Wall Street’s support for stablecoins and tokenization,” Lee said.
Meanwhile, according to OnChainLens data, Bitmine staked an additional 186,336 ETH worth $604 million, bringing the total staked holdings to 779,488 ETH (worth $2.52 billion).
Bitmine’s staking strategy addresses key weaknesses in digital asset treasury. Holding cryptocurrencies does not generate income, but companies must repay debt and pay dividends. The company plans to launch the Made in America Validator Network (MAVAN) in the first quarter of 2026. When fully deployed, Bitmine projects annual staking revenue of $374 million, or more than $1 million per day.
Strategy’s losing streak deepens
Strategy, the pioneering Bitcoin treasury firm led by Michael Saylor, is facing increasing pressure. The company’s stock price fell 48% in 2025 and is down nearly 70% from its peak in November 2024. The company posted unrealized losses of $17.44 billion in the fourth quarter alone. The full-year 2025 figure was $5.4 billion, but much smaller as profits at the beginning of the year partially offset the collapse in the fourth quarter.
The company’s stock price fell 48% in 2025 and is down nearly 70% from its peak in November 2024. The company’s mNAV (market capitalization to debt to token holdings) has fallen to just above 1, eroding the premium investors once paid for leveraged Bitcoin exposure. Strategies set up a $2.25 billion cash reserve in December to address concerns about repayment obligations, but will not generate any profits from its 673,783 Bitcoins, worth about $63 billion.
2 models, 1 question
While both companies remain exposed to crypto volatility, the differences in their approaches – yield-generating staking versus pure price appreciation – could determine which financial model proves more sustainable as institutional adoption accelerates.
