BitMaine Buys More Ethereum, Strategy Posts $17 Billion Loss-What’s the Difference?

She announced Bitmine Immersion Technologies (BMNR) announced on Monday that its Ethereum holdings have reached 4.14 million ETH, worth about $13.2 billion. The company now holds 3.43% of Ethereum’s total supply, with 779,000 ether already generating stake returns.

This aggressive buildup contrasts sharply with Strategy Inc. (MSTR), which disclosed a $17.44 billion unrealized loss in the fourth quarter on the same day.

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Bitmain is betting on storage returns

He said Tom Lee, CEO of BitmineThe company purchased 32,977 Ethereum in the last week of 2025, maintaining its position as the largest buyer of “new money” Ethereum in the world. The company aims to collect 5% of the total supply, a goal that Lee calls “5% chemistry”.

“We’re excited about Ethereum’s prospects in 2026 given the US government’s push for cryptocurrencies, Wall Street’s adoption of stablecoins, and tokenization,” Lee said.

At the same time, Onchain Lens data shown Bitmine raised another 186,336 ETH worth $604 million, bringing the total stake to 779,488 ETH worth $2.52 billion.

Bitmine’s betting strategy addresses a fundamental weakness in digital asset treasurers. Digital properties do not generate income, while companies must be in debt and pay dividends. The company plans to launch the Made in America Verification Network (MAVAN) in the first quarter of 2026. After full implementation, Bitmine expects an annual staking income of $ 374 million – more than $ 1 million per day.

The strategy’s losing streak deepens

Strategy, the Bitcoin treasury company led by Michael Saylor, is facing increasing pressure. Its stock is down 48% in 2025, about 70% from its November 2024 peak. I registered The company had unrealized losses of $17.44 billion in the fourth quarter alone. The full figure for 2025 was $5.4 billion — much lower because year-earlier gains partially offset the fourth-quarter collapse.

Its stock is down 48% in 2025, about 70% from its peak in November 2024. The company’s market capitalization to debt ratio (mNAF) – the ratio of market capitalization to debt – has fallen to just above one, weakening the investments previously paid for leveraged Bitcoin exposure. Strategy created a cash reserve of $2.25 billion in December to address issues on service liabilities, but no return has been generated on the 673,783 bitcoins worth about $63 billion.

Two models, one question

Both companies remain exposed to cryptocurrency volatility, but their contrasting approaches—yield-generating equity versus pure price appreciation—may determine which treasury model proves sustainable as institutional adoption accelerates.