BitMine grows thanks to the correction after October 10 – $10.7 billion in assets

BitMine announced significant results from its investment activities, revealing that its total assets have reached $10.7 billion. The company is consistently strengthening its cryptocurrency portfolio, with recent Ethereum purchases part of a strategy to prepare for market recovery following the October 10 event. According to BlockBeats, last week BitMine acquired 41,788 ETH units, demonstrating a decisive approach to current market opportunities.

Portfolio Structure – From Crypto to Strategic Investments

As of February 1, 2026, 6:00 PM Eastern Time, BitMine’s assets are distributed across several categories. In cryptocurrencies, the company holds 4,285,125 ETH and 193 BTC. Additionally, the portfolio includes capital investments: $200 million in Beast Industries and $20 million in Eightco Holdings (listed on NASDAQ: ORBS), classified as a “potential project,” as well as $586 million in cash. This diversification suggests a long-term vision and the capacity to support developmental projects.

Price Paradox – Fundamentals Rise, Value Falls

Thomas ‘Tom’ Lee, CEO of BitMine, pointed out an interesting market anomaly. Over the past month, ETH’s price has fallen from around $3,000 to the current level of $2,070. Meanwhile, Ethereum’s transaction volume reached a record high of 2.5 million daily transactions, and the number of active addresses increased to 1 million daily—peak values in 2026.

This contrasts with previous crypto winters. During 2021-2022 and 2018-2019, price declines were accompanied by decreases in transaction counts and active wallets. This time, despite the price correction, Ethereum’s technical fundamentals have significantly strengthened—an indication that the price change is not driven by protocol weakness.

Impact of October 10 Event on Delayed Recovery

Lee states that ETH’s price weakness is mainly due to non-fundamental factors, primarily the residual effects of the October 10 event. That disruption delayed the return of leverage to the crypto ecosystem, which still influences market sentiment. However, on-chain dynamics suggest that market participants are gradually restoring confidence and activity.

Accumulation Strategy – Investing in Undervaluation

Last week, BitMine deliberately increased its Ethereum holdings by 41,788 ETH. This decision is not accidental. Lee explained the logic behind this aggressive expansion: “BitMine systematically builds its Ethereum position. Considering the strengthening fundamentals, we see the current price correction as highly attractive.”

According to the management’s assessment, the current ETH valuation does not reflect its actual utility or the role it will play as a key component of future financial systems. In other words, BitMine is betting on a scenario where fundamentals ultimately dominate market sentiment—regardless of how long the October 10 effect lasts.