Bitmine purchases $84M ETH during dip, says onchain data

BitMine Immersion Technologies acquired $83.6 million in ETH on Monday, reinforcing its investment in the future of Ethereum.

Arkham Intelligence reports that the Ethereum treasury corporation purchased 20,000 ETH from FalconX at approximately 12:40 p.m. on Monday. Onchain analytics service Lookonchain said that the company acquired an additional 20,000 ETH from BitGo within a comparable timeframe. At that moment, Ether was trading at approximately $2,090, according to The Block's pricing statistics.

Monday's acquisition increased Bitmine's holdings to 4,325,738 ETH, valued at $9.14 billion, as recorded at the conclusion of the previous week. The startup announced on Monday that it has acquired 40,613 ETH in the week ending February 8, achieving 72% of its goal to obtain 5% of Ethereum's circulating supply.

Bitmine purchases $84M ETH during dip

Bitmine has sustained its ether buying strategy despite the prevailing market decline, with ETH presently selling approximately 57% below its August 2025 peak of $4,946. Executive Chairman Tom Lee noted that Ethereum's network usefulness attained unprecedented levels despite the decrease in price.

The corporation is staking approximately 67% of its total ETH holdings, generating $202 million in annualized revenue, as stated in its Monday announcement.

Lee stated, “The most advantageous investment opportunities in cryptocurrency have emerged following downturns.” BitMine has consistently acquired Ethereum, perceiving this decline as appealing because to the robust fundamentals. We believe that the price of ETH does not accurately represent its significant utility and its potential as the future of finance.

Last week, Lee responded to apprehensions about the company's substantial unrealized losses, stating that they are an anticipated component of an Ethereum treasury strategy during market declines. He asserted that Bitmine will ultimately surpass the market cycle and reaffirmed his belief that Ethereum embodies the future of finance.

Bitmine's BMNR increased by 4.79% on Monday, closing at $21.45, as reported by The Block's pricing page. It has decreased by 28.64% in the last month.