Bitmine Reveals $10.7 Billion War Chest Amid Crypto Market Drawdown

February 9, 2026

Bitmine Immersion has released its latest holdings update as of February 9, 2026, offering a detailed snapshot of how the firm is positioning itself during one of the sharpest crypto market pullbacks in recent years.

Despite broad market weakness, Bitmine’s balance sheet highlights scale, conviction, and a long-term thesis that leans heavily into Ethereum.

The company now reports $10.7 billion in total assets, spanning core crypto holdings, cash reserves, and what it labels “moonshots.” At the center of the portfolio sits Ethereum, where Bitmine holds 4,325,738 ETH, valued at approximately $2,125 per coin, based on Coinbase pricing. The firm also holds 193 Bitcoin, reinforcing its exposure to the two largest digital assets by market capitalization.

Beyond crypto, Bitmine continues to diversify. The firm disclosed a $200 million strategic stake in Beast Industries, the media empire founded by YouTube creator MrBeast, alongside a $19 million investment in Eightco Holdings (NASDAQ: ORBS), which it categorizes under moonshot investments. Total cash on hand stands at $595 million, giving the company ample liquidity amid volatile conditions. The full breakdown of Bitmine’s holdings was shared publicly and can be viewed directly via this update posted on X.

Ethereum Weakness Masks Record On-Chain Activity

Ethereum prices have fallen sharply from their 2025 peak, declining 62% from recent highs and trading near the $2,000 range. On the surface, the drawdown reflects a brutal sentiment shift across digital assets. Underneath, however, network activity tells a very different story.

Ethereum daily transactions have surged to an all-time high of 2.5 million, according to data from theblock.co. At the same time, active Ethereum addresses have climbed to a record 1 million per day in 2026, signaling accelerating user engagement even as prices slide. This divergence between price action and network fundamentals has become a defining feature of the current cycle.

Historically, such disconnects have often appeared near market inflection points. Developers, users, and institutions continue to transact at record levels, suggesting that Ethereum’s utility and relevance are expanding even while market participants de-risk in the short term.

Volatility Is Not Anomaly, It Is The Pattern

Crypto price volatility remains extreme, but it is also deeply familiar. Since 2018, Ethereum has experienced eight separate declines of 50% or more from a recent high. These drawdowns occur with striking regularity, often appearing at least once per year.

The 2025 cycle offers a recent example. Between January and March of that year, ETH prices fell 64%, only to rebound aggressively in the months that followed. By the end of 2025, Ethereum had surged from roughly $1,600 to $5,000, rewarding investors who entered during periods of maximum pessimism.

Market structure data shows that Ethereum tends to form V-shaped recoveries following major drawdowns. Each of the previous eight 50%+ declines eventually resolved higher, as capital rotated back into assets with strong network fundamentals. Based on historical behavior, many analysts expect a similar recovery pattern to emerge in 2026.

The lesson from prior cycles remains consistent: the most attractive long-term entry points in crypto often appear immediately after sharp corrections. In 2025, some of the strongest buying opportunities followed market stress triggered by global tariff concerns, a reminder that macro fear frequently creates asymmetric upside for patient investors.

Exchange Balances Sink To Decade Lows

One of the most notable structural shifts occurring beneath the price action is the collapse in Ethereum balances held on centralized exchanges. According to available data, Ethereum holdings on exchanges have fallen to their lowest level in 10 years.

At present, only 16 million ETH remain in circulation across exchanges. This decline coincides with a 32% month-on-month drop in ETH prices, marking one of the sharpest short-term downtrends in recent memory. Typically, falling exchange balances indicate that investors are moving assets into long-term storage or deploying them in staking and decentralized finance protocols.

Reduced exchange supply can amplify volatility in both directions. While it does not prevent near-term downside, it historically tightens available liquidity during recoveries, increasing the speed and magnitude of price rebounds once demand returns.

Bitmine Buys As Others Retreat

While much of the market continues to de-risk, Bitmine Immersion has taken the opposite approach. Despite the ongoing selloff, the firm purchased additional Ethereum last week, reinforcing its conviction during weakness.

At the time of purchase, ETH traded near $2,025, down approximately 4% over 24 hours. Rather than viewing the decline as a warning sign, Bitmine appears to see it as an opportunity to accumulate at discounted levels. Following the latest acquisition, the company’s combined crypto, cash, and moonshot investments now total approximately $10 billion, underscoring its scale and balance sheet strength.

This move aligns with the firm’s broader strategy of accumulating core digital assets during periods of stress, rather than chasing momentum during euphoric rallies.

A Long-Term Bet On Ethereum’s Next Cycle

Taken together, Bitmine’s latest disclosures paint a picture of a firm positioning aggressively for the next phase of the crypto cycle. Ethereum may be down sharply from its highs, but on-chain activity, shrinking exchange balances, and historical recovery patterns suggest the current drawdown fits squarely within a familiar framework.

As ETH trades in the low $2,000 range, long-term investors are once again forced to separate price from progress. For Bitmine, the data appears to justify continued accumulation rather than retreat. The firm’s actions echo a broader belief held by veteran market participants: volatility creates opportunity, and the best returns often emerge when conviction is hardest to maintain.

Additional details on Bitmine’s Ethereum purchases and broader positioning were also shared publicly in a follow-up post, which can be accessed here.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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About The Author

Will

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.