BitMine Acquires 101,000 ETH Worth $236 Million Despite Unrealized Losses

Bitmine Immersion Technologies purchased 101,901 ETH worth approximately $236 million in the week ending April 27, 2026, bringing its total holdings to 5,078,386 tokens representing 4.21% of Ethereum's circulating supply. The company accumulated over 5 million ETH in roughly 10 months after pivoting from bitcoin mining to a digital asset treasury strategy in June 2025. Despite holding $6.5 billion in unrealized losses, Bitmine maintains $13.3 billion in total crypto and cash holdings, with approximately 73% of its ETH staked generating $264 million in annualized revenue through its Mavan platform launched in March 2026. Chairman Thomas Lee defends the strategy by describing ETH as the best wartime store of value amid the Iran conflict.

BitMine's Aggressive ETH Accumulation Strategy

• ▪Bitmine Immersion Technologies holds $940 million in cash.
• ▪Thomas Lee serves as Chairman of Bitmine Immersion Technologies.
• ▪Bitmine Immersion Technologies holds approximately 4.21% of ether's circulating supply.
• ▪Bitmine Immersion Technologies' total crypto and cash holdings stand at $13.3 billion.
• ▪Bitmine Immersion Technologies' latest ETH purchase was worth approximately $236 million at current ETH prices.
• ▪Bitmine Immersion Technologies pivoted from a bitcoin miner to a digital asset treasury strategy company in June 2025.
• ▪Bitmine Immersion Technologies holds equity stakes including investments in Beast Industries and Worldcoin-focused Eightco Holdings.
• ▪Bitmine Immersion Technologies' total ETH holdings reached 5,078,386 tokens as of April 27, 2026.
• ▪Bitmine Immersion Technologies accumulated more than 5 million ETH in approximately 10 months.
• ▪Bitmine Immersion Technologies bought 101,901 ETH through the week ending April 27, 2026.

Staking Operations and Revenue Generation

• ▪Bitmine Immersion Technologies' Mavan staking platform is designed to attract institutional clients and support treasury operations.
• ▪Approximately 73% of Bitmine Immersion Technologies' ETH holdings are staked.
• ▪Bitmine Immersion Technologies has approximately 3.7 million ETH tokens staked.
• ▪Bitmine Immersion Technologies debuted its Mavan staking platform in March 2026.
• ▪Bitmine Immersion Technologies' staked ETH generates approximately $264 million in annualized revenue.

ETH as a Wartime Store of Value

• ▪Thomas Lee described ETH as the best wartime store of value.
• ▪ETH outperformed the S&P 500 since the start of the Iran conflict.

Perspective of Thomas Lee (Chairman of Bitmine Immersion Technologies)

• ▪Thomas Lee described ETH as the best wartime store of value.

Perspective of Institutional clients (potential Mavan platform users)

• ▪Bitmine Immersion Technologies' Mavan staking platform is designed to attract institutional clients and support treasury operations.

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