Bitmine Adds 10,000 ETH as Tom Lee Expands Ethereum Bet

BitMine Immersion Technologies, chaired by Wall Street strategist Tom Lee, has added another large chunk of Ethereum to its balance sheet. On February 20, the firm purchased 10,000 ETH worth about $19.49 million from Kraken. 

The move comes as Ethereum trades below the $2,000 level. During what many traders see as a soft market phase. Still, BitMine continues to buy aggressively. The latest purchase signals strong long-term conviction from Lee. He has repeatedly argued that Ethereum is entering a major adoption cycle despite current price weakness.

BitMine’s Latest Purchase and Growing Treasury

The newest buy pushes BitMine’s total Ethereum holdings to roughly 4.37-4.38 million ETH. At current market prices, that stash is worth about $8.5-$8.7 billion. The company has been on a steady accumulation streak in recent weeks. Earlier this week alone, BitMine reportedly acquired more than 45,000 ETH in multiple transactions. 

That pattern shows the firm is not trying to time short-term moves. Instead, it is steadily building what many analysts now call one of the largest corporate Ethereum treasuries in the market. The scale is notable. BitMine now controls more than 3% of Ethereum’s circulating supply. That places it among the most aggressive institutional ETH holders.

Tom Lee Says 2026 Could Be Ethereum’s Defining Year

Tom Lee remains openly bullish. He has repeatedly described 2026 as a potential breakout year for Ethereum’s real-world use. According to Lee, several long-term trends are aligning in ETH’s favor. First, he points to Wall Street tokenization. Many financial firms are exploring tokenized assets on Ethereum rails. 

Second, Lee believes AI systems and autonomous agents will increasingly use Ethereum for payments and verification. Third, he highlights the creator economy and “proof of human” identity tools growing on Layer-2 networks. Lee has also compared today’s sentiment to past market bottoms in 2018 and 2022. In his view, the current dip looks more like a “mini-winter” than a structural breakdown.

Institutional Conviction vs Retail Caution

BitMine’s buying spree stands in contrast to softer retail sentiment. While some smaller investors have reduced exposure during the recent pullback, large players continue to accumulate. A major part of BitMine’s strategy involves staking. 

The company has staked a large portion of its ETH holdings to generate yield. This creates a cash flow loop that can help fund additional purchases over time. Management has previously hinted at an ambitious long-term goal of reaching around 5% of the total ETH supply. If achieved, that would further tighten the liquid supply in the market.

Market Context and Risks Ahead

Ethereum remains well below its 2025 highs. BitMine is currently sitting on significant unrealized losses on paper. The company’s stock has also fallen roughly 20% this year, reflecting broader crypto weakness. However, Tom Lee appears unfazed. His strategy mirrors the high conviction treasury model first popularized in Bitcoin markets. 

Whether the bet pays off will depend heavily on Ethereum’s adoption curve in the next cycle. For now, BitMine’s latest purchase sends a clear message. Despite volatility and skepticism, at least some large players are still quietly betting big on Ethereum long-term future.

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