BitMine Immersion Technologies purchased more than 40,000 Ethereum (ETH) in a single day, continuing its aggressive accumulation strategy even as unrealized losses rise to over $7 billion.
The latest accumulation comes as Ethereum continues to trend downwards, with prices down approximately 62% from 2025 highs. Despite this, BitMine Chairman Tom Lee has expressed confidence in a potential V-shaped recovery for Ethereum.
SponsoredBitMine Adds Over 40,000 ETH to Its Treasury
In a recent press release, BitMine disclosed that it acquired 40,613 ETH last week. As of February 8, 2026, at 3:00 pm ET, the company’s total Ethereum holdings stood at 4.325 million.
The announcement appeared to boost investor sentiment. BitMine’s stock, BMNR, closed at $21.45 on February 9, marking a 4.79% increase by the end of the trading session.
BitMine’s accumulation did not stop there. On-chain analytics platform Lookonchain reported additional Ethereum purchases after the disclosure.
According to the data, the firm first acquired 20,000 ETH through FalconX, followed by another 20,000 ETH, worth approximately $42.3 million, via BitGo.
Sponsored“Today alone, it has bought 40,000 ETH ($83.4 million),” Lookonchain wrote.
ETH Declines Sharply as BitMine Treats Pullback as Entry Point
The continued buying suggests that BitMine remains committed to expanding its Ethereum treasury, even amid market uncertainty. According to data from BeInCrypto Markets, ETH has dropped 13.2% over the past week.
At the time of writing, the second-largest cryptocurrency traded at $2,012, down 3.28% over the past day.
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Lee suggested that the company views the price pullback as a strategic buying opportunity, citing improving network fundamentals.
He also noted network strength despite falling prices. Ethereum daily transactions hit 2.5 million and active addresses reached 1 million in 2026, as stated in BitMine’s official announcement. These figures imply rising adoption regardless of market swings.
Sponsored“In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” he said.
Furthermore, Lee pointed to Ethereum’s historical price behavior to support his optimism. Since 2018, ETH has experienced 8 separate declines of 50% or more from recent highs.
He highlighted a similar pattern in 2025, when Ethereum fell by 64% between January and March before rallying sharply later in the year. At the time, it surged from approximately $1,600 to nearly $5,000.
According to Lee, Ethereum has historically staged V-shaped recoveries following major downturns. He stated that such rebounds occurred after each of the previous 8 drawdowns. Based on this trend, he expects a comparable recovery to unfold in 2026.
“The best investment opportunities in crypto have presented themselves after declines. Think back to 2025, the single best entry points in crypto occurred after markets fell sharply due to tariff concerns,” Lee stated.
Whether BitMine’s aggressive Ethereum bet will pay off remains uncertain for now. Its ability to withstand market weakness, alongside strong staking revenue, could generate significant advantages if a V-shaped recovery appears. But ongoing price declines or a prolonged market slump may further challenge BitMine’s strategy.
