- BitMine adds $83.6 million in Ethereum, reinforcing long-term investment plans.
- Ethereum utility rises, BitMine continues buying ETH during market downturn.
- Tom Lee remains confident in Ethereum’s future despite market challenges.
BitMine Immersion Technologies has once again doubled down on its commitment to Ethereum. On Monday, the company acquired an additional $83.6 million worth of ETH, marking a significant investment in the cryptocurrency despite the ongoing market downturn.
According to data from Arkham Intelligence, BitMine purchased 20,000 ETH from FalconX at approximately 12:40 p.m. Later in the day, the company made another purchase of 20,000 ETH from BitGo. At the time of the transaction, Ethereum was trading at around $2,090 per coin, as reported by The Block.
This latest addition to BitMine’s portfolio brings its total holdings of Ethereum to a staggering 4,325,738 ETH, valued at approximately $9.14 billion. The company had already been accumulating ETH at an accelerated pace, with its recent purchase of 40,613 ETH during the week ending February 8. BitMine now sits at 72% of its target to acquire 5% of the circulating supply of Ethereum, demonstrating its long-term commitment to the cryptocurrency despite volatile market conditions.
Also Read: Ethereum Nears Breaking Point: MVRV Z-Score Signals Possible Market Shift Ahead!
BitMine’s Strategy Amidst Market Fluctuations
Tom Lee, BitMine’s Executive Chairman, has expressed confidence in the company’s strategy, stating that the recent market downturn has created a unique opportunity to strengthen its position in Ethereum.
He highlighted Ethereum’s utility as a key factor in the company’s continued investment. Lee emphasized that Ethereum’s growing network utility, even amid price declines, demonstrates its potential for future growth.
Notably, BitMine has staked around 67% of its total ETH holdings, generating an annualized revenue of approximately $202 million. This approach underscores the company’s belief in Ethereum’s long-term viability as it positions itself as a leading player in the crypto space. Despite Ethereum’s price being more than 50% lower than its all-time high of $4,946 in August 2025, BitMine remains steadfast in its vision for the cryptocurrency’s future role in the global financial system.
BitMine’s strategy is one of patience, focusing on the fundamentals of Ethereum’s network and utility. As the company works toward its goal of acquiring a significant portion of the Ethereum supply, it continues to position itself for success in the long run, even as the broader market remains uncertain. This ongoing investment strategy reflects BitMine’s belief in Ethereum’s potential to revolutionize finance.
Also Read: Big News: Ripple Extends Major Partnership in UAE With Zand Bank – Details
