Bitmine Acquires More ETH While Strategy Reports $17 Billion Loss: What You Need to Know

Bitmine Immersion Technologies (BMNR) announced on Monday that its Ethereum holdings have reached 4.14 million ETH, valued at around $13.2 billion. The firm now possesses 3.43% of the total Ethereum supply, with 779,000 ETH already generating staking yields. This aggressive accumulation is in stark contrast to Strategy Inc. (MSTR), which revealed a staggering $17.44 billion unrealized loss for the fourth quarter on the same day.

Key Takeaways

Bitmine's Strategy: Bitmine is accumulating Ethereum and aims for 5% of the total supply, leveraging staking yields.
Growth Plans: The company intends to launch its Made in America Validator Network (MAVAN) in Q1 2026, targeting $374 million in annual staking revenue.
Strategy's Losses: Strategy Inc. faces significant financial challenges, with a $17.44 billion unrealized loss reported in Q4 2025.
Market Dynamics: Bitmine focuses on yield generation through staking, while Strategy relies on price appreciation of its Bitcoin holdings.

Bitmine's Focus on Staking Yield

Bitmine Chairman Tom Lee revealed that the company acquired 32,977 ETH in the last week of 2025, solidifying its position as the largest buyer of Ethereum with fresh capital worldwide. Lee has set an ambitious goal to acquire 5% of the total Ethereum supply, which he refers to as the “Alchemy of 5%.”

“We are thrilled about Ethereum's potential in 2026, driven by supportive measures from the U.S. government towards cryptocurrencies, as well as Wall Street's increasing adoption of stablecoins and tokenization,” Lee stated.

According to Onchain Lens data, Bitmine has also staked an additional 186,336 ETH valued at $604 million, raising its total staked assets to 779,488 ETH, worth $2.52 billion. This focus on staking directly addresses a common issue faced by companies holding digital assets: while crypto holdings yield no income, firms still need to manage debt and dividends. Bitmine is gearing up to launch its Made in America Validator Network (MAVAN) in the first quarter of 2026, with expectations of generating $374 million in annual staking revenue—equivalent to over $1 million per day.

Strategy's Financial Struggles Worsen

On the other hand, Strategy Inc., a trailblazer in Bitcoin treasury management led by Michael Saylor, is under mounting financial strain. Its stock price plummeted by 48% in 2025, dropping nearly 70% from its peak in November 2024. The company reported unrealized losses of $17.44 billion in the fourth quarter alone, leading to a full-year 2025 total of $5.4 billion—significantly reduced as earlier gains partially offset the tremendous losses in the last quarter.

The firm’s mNAV—market cap plus debt compared to token holdings—has fallen to just above 1, diminishing the premium that investors previously paid for leveraged Bitcoin positions. In December, Strategy established a $2.25 billion cash reserve to alleviate concerns regarding its servicing obligations. However, the company earns no yield from its substantial Bitcoin holdings of 673,783, which are valued at approximately $63 billion.

Two Different Approaches in a Volatile Market

Both Bitmine and Strategy find themselves navigating the volatile waters of cryptocurrency, but their differing strategies—yield-generating staking versus reliance on the appreciation of Bitcoin—might dictate their long-term success as more institutions adopt these assets.