BitMine Adds $90 Million in Ethereum Amid Crypto Sentiment at 2018 and 2022 Lows, Says Tom Lee
February 17, 2026 — By Krisztian Sandor, Edited by Stephen Alpher
BitMine Immersion Technologies (BMNR), the largest Ethereum treasury operator, has intensified its ETH acquisition strategy by purchasing over 45,700 ether last week, valued at more than $90 million. This marks the firm’s largest weekly token purchase so far in 2026, boosting its total Ethereum holdings to approximately 4.37 million tokens. Despite a challenging crypto market environment, BitMine continues to increase its stake, underscoring its long-term confidence in Ethereum’s utility and value.
Expansion of Ethereum Holdings and Staking Rewards
The recent purchase brings BitMine’s Ethereum treasury to an estimated market value of $8.7 billion at current prices. However, the firm is reportedly facing nearly $8 billion in paper losses, reflecting the broader market correction since Ethereum’s previous highs. The company now controls about 3.62% of the total ETH supply, a notable share in the ecosystem.
BitMine holds roughly 3 million ETH in staking position—around 69% of its total ETH assets—which currently generate approximately $176 million in annualized rewards. This staking yields a 2.89% return on an annualized basis, providing the firm with a steady income stream despite volatile prices.
In addition to Ethereum investments, BitMine’s balance sheet shows a cash reserve of $670 million and diversified holdings including a modest bitcoin stash and a $200 million position in equity at Beast Industries. Their total assets are valued at $9.6 billion.
Market Sentiment: Echoes of 2018 and 2022 Lows
Tom Lee, Chairman of BitMine and Chief Investment Officer at Fundstrat, commented on the prevailing mood in the cryptocurrency market during an update on Tuesday. He noted that investor sentiment is currently as subdued as it was during the crypto market bottoms in 2018 and 2022. “Investor sentiment and enthusiasm are rock bottom, reminding us of the forlornness and dejection seen at the November 2022 lows and depths of 2018 crypto winter,” Lee said. However, he highlighted a key difference from past downturns: there have been no significant collapses among major players in the current cycle, implying a more stable foundation despite weak prices.
Lee attributes the ongoing weakness since October’s notable price shock and widespread deleveraging, which began the current “mini-winter” phase for crypto assets.
Long-Term Ethereum Growth Drivers
Speaking at the Consensus Hong Kong 2026 conference last week, Lee underscored several promising developments for Ethereum’s future. He highlighted tokenization innovations, the integration of artificial intelligence technologies, and advancements in proof-of-humanity infrastructure as pivotal ecosystem trends expected to drive sustained growth.
“The price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” said Lee. “Hence, we continue to buy ETH even as crypto moves through this ‘mini-winter.’”
Looking Ahead
BitMine’s continued accumulation of Ethereum amid a bearish sentiment environment reflects a strategic approach focused on long-term value capture rather than short-term price movements. With staking rewards providing consistent returns and key technological advancements on the horizon, BitMine’s buying spree serves as a bullish signal for ETH holders and market observers alike.
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For the latest prices:
- Bitcoin (BTC): $68,242.17 (+0.82%)
- Ethereum (ETH): $2,019.84 (+1.02%)
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