In a bold move amid the ongoing market downturn, Tom Lee’s BitMine has significantly increased its holdings in Ethereum (ETH), acquiring 17,722 ETH valued at approximately $34.74 million in just the last eight hours. This latest addition draws attention as BitMine aims to accumulate a staggering 5% of the total Ethereum supply.
Recent analysis from Lookonchain, an on-chain analytics platform, highlights that the total Ethereum amassed by BitMine now stands at 4,371,497 ETH, which is currently valued at around $8.5 billion. This increase is part of an expansive buying spree where three wallets associated with BitMine collectively purchased 62,722 ETH, amounting to $123.25 million.
The previous week saw a substantial purchase of 45,759 ETH for nearly $90 million, making it the largest acquisition for BitMine in 2026. As per cryptocurrency market sentiment, acquiring ETH at an average cost of approximately $3,821 has led to a significant unrealized loss, as the total position is down by over $8 billion at current rates.
On February 19, reports emerged indicating that the company added another 20,000 ETH, worth around $39.8 million, to its holdings sourced from BitGo, further bolstering their asset portfolio.
With these purchases, BitMine is on the cusp of reaching its milestone of acquiring 5% of the Ethereum supply, currently holding about 3.3% based on the circulating supply of approximately 120 million ETH. This puts them 72.3% away from their target, a strategy that could potentially shift dynamics within the broader cryptocurrency market.
Despite these aggressive buying strategies, the performance of BitMine’s stock, BMNR, has not mirrored the optimism surrounding its Ethereum investments. The stock recently traded around $20.13, experiencing minor fluctuations throughout the day, and ultimately slipped to $20.08 in after-hours trading. This figure marks an astonishing drop of 80% from its all-time high and underscores the adverse effects of the current market crash, particularly felt by Ethereum, which is currently trading at $1,962. This price reflects a significant decline of approximately 60% from its peak of $4,800.
The current market conditions suggest that while BitMine’s financial strategies are robust in acquisition, the overarching volatility continues to challenge the firm’s operational success.
