On February 9, 2026, Bitmine Immersion Technologies acquired $83.6 million in Ethereum (ETH), buying 40,000 ETH from FalconX and BitGo, Arkham Intelligence, and Lookonchain data. Executive Chairman Tom Lee called the pullback an “attractive” entry point, emphasizing Ethereum’s record network utility despite prices 57% below the August 2025 high of $4,946, The Block. Bitmine now holds 4,325,738 ETH ($9.14 billion), staking 67% for $202 million annualized revenue, according to the company statement.
Bitmine added 40,613 ETH last week, reaching 72% of its goal to hold 5% of Ethereum’s circulating supply. Lee addressed unrealized losses as part of the Ethereum treasury strategy, predicting outperformance in the cycle. On-chain data shows ETH trading at $2,090 during purchases, with Bitmine’s stock (BMNR) up 4.79% to $21.45, outperforming Coinbase (+1.29%), according to The Block price page. Ethereum dipped 5% to $4,070 amid a broader correction.
Bitmine’s buys align with institutional staking trends, including Core Foundation and Hex Trust’s partnership for BTC and CORE yields. Lee highlighted Ethereum as “the future of finance,” with Layer 2 solutions driving utility. Ethereum’s $167B DeFi TVL and GENIUS Act stablecoin clarity support long-term growth. However, SEC scrutiny and ETF outflows pose risks, Coinlaw.io. Bitmine’s strategy mirrors MicroStrategy’s BTC approach but targets ETH.
Ethereum could rebound to $4,500 if Jackson Hole signals rate cuts, Presto Research, with Bitmine’s staking revenue cushioning downturns. Investors should track ETH flows on CryptoQuant and Bitmine holdings via Arkham. Dollar-cost averaging into ETH, with stop-losses below $4,000, or diversifying into USDC, balances risk, TradingView. Follow @TheBlock__ on X for updates. Bitmine’s aggressive accumulation positions ETH for institutional dominance in 2026.
