Bitmine Accumulates 4.4M ETH in Six Months Under Chairman Tom Lee, Holds $8B in Unrealized Losses

Bitmine has accumulated more than 4.4 million ETH within six months under chairman Tom Lee, amassing over $13 billion in ETH and cash to become the second largest digital asset treasury holder behind Strategy, according to the firm's disclosures. The company has staked over 3 million ETH via its MAVAN validator network and is generating about $171 million in annualized rewards, though it holds over $8 billion in unrealized losses as ETH traded below $2,000 by early 2026. Arkham data show Bitmine now controls roughly 3.66% of Ethereum's circulating supply, and Lee has broadened the balance sheet with a $200 million stake in Beast Industries, the company founded by MrBeast. Crypto trader Andrew Kang has publicly criticized Lee's strategy even as Bitmine targets about 5% of Ethereum's total supply through continued purchases and staking.