BitMine increases ETH purchases by $84M during market downturn
BitMine purchased another $84M in ETH, strengthening its accumulation strategy amid the market pullback. Tom Lee called the correction “an attractive entry point.”
BitMine Immersion Technologies continues to aggressively increase its Ethereum holdings, purchasing another $83.6 million worth of ETH this week, according to on-chain data. The company acquired 40,000 ETH from FalconX and BitGo almost simultaneously, when Ethereum was trading near $2,090.
The purchase brought BitMine’s total reserves to 4,325,738 ETH – more than $9 billion at current prices. Earlier in the week, the company disclosed that it had accumulated 40,613 ETH by February 8, reaching 72% of its target to hold 5% of the entire Ethereum supply. Despite ETH falling roughly 57% from its August 2025 peak, BitMine is not only maintaining its pace of accumulation but accelerating it.
Tom Lee attributes the strategy to fundamental conviction in the Ethereum network. He said the current correction offers “an attractive buying opportunity,” arguing that ETH’s price “does not reflect the network’s high utility or its role in the future financial architecture.” Lee also reiterated that unrealized losses are a normal part of the cycle for a corporate treasury.
BitMine’s approach isn’t limited to price appreciation: about 67% of its ETH is staked, generating roughly $202 million annually. This provides the company with structural income that helps offset market volatility.
BitMine shares (BMNR) closed Monday up 4.79%, though they remain down 28.6% over the past 30 days. While the stock remains volatile amid broader market weakness, investors continue to respond positively to the company’s consistent accumulation and staking strategy.
Lee has repeatedly said he views Ethereum as a core infrastructure asset and BitMine as a company positioned to “outperform the market” over a full cycle. He believes that despite short-term drawdowns, Ethereum’s cyclical recovery will allow BitMine’s treasury to deliver superior long-term returns.
As market turbulence persists, BitMine remains one of the largest and most aggressive corporate buyers of Ethereum, helping form one of the strongest institutional demand bases for the asset.
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