Tom Lee’s BitMine Defies Market Slump with $84M Ethereum Buy: Target 5% Supply
Tom Lee’s company, BitMine Immersion Technologies (BMNR), is sticking with its "Ethereum-first" treasury approach...
Quick overview
- BitMine Immersion Technologies continues its 'Ethereum-first' strategy, purchasing $84 million in ETH despite significant market losses.
- The company has accumulated a total of 4,325,738 ETH, aiming to control 5% of all Ethereum in circulation.
- BitMine's staking strategy generates $202 million in annual revenue, with plans to launch a Validator Network in 2026.
- Tom Lee remains optimistic about Ethereum's future, predicting a potential rise to $7,000 to $9,000.
Tom Lee’s company, BitMine Immersion Technologies (BMNR), is sticking with its “Ethereum-first” treasury approach. Even though the market has lost billions in value, BitMine bought $84 million in ETH this week, showing it is not backing down from short-term price swings.
Strategic Accumulation: The Path to 5% Circulating Supply
According to Lookonchain, BitMine made its latest purchases through two large platforms: 20,000 ETH with FalconX and another 20,000 ETH with BitGo.
These buys come after BitMine purchased 40,613 ETH last week, raising its total holdings to 4,325,738 ETH. This is about 3.58% of all Ethereum in circulation, moving the company closer to its “Alchemy of 5%” goal, which aims to control 5% of all Ethereum.
Navigating $8B in Unrealized Losses
BitMine is buying aggressively even as the market faces a “crypto winter.” Ethereum now trades at $2,015, down 57% from its August 2025 high of $4,900. As a result, BitMine has about $8 billion in unrealized losses.
JUST IN: Tom Lee's 'BitMine' buys 40,613 $ETH worth $82 million. pic.twitter.com/WqwlirFQNH
— Watcher.Guru (@WatcherGuru) February 9, 2026
Critics note that some rivals, like Trend Research, have sold their ETH after losing $750 million. Still, Tom Lee is not discouraged. He calls the current price drop an “engineered liquidation” and a “buying opportunity,” pointing to eight times since 2018 when ETH bounced back strongly after falling more than 50%.
Staking as a Revenue Engine: The MAVAN Factor
BitMine is not only holding ETH but also using it to earn more. The company’s staking strategy is a key part of its strength:
- Staked Assets: About 67% of BitMine’s holdings, or roughly 2.9 million ETH, are staked.
- Annual Yield: This staking position brings in $202 million in yearly revenue.
- Infrastructure: BitMine plans to launch its Made in America Validator Network (MAVAN) in early 2026. The goal is to keep staking rewards in-house and boost security to institutional standards.
Comparison: BitMine vs. Institutional Peers
| Primary Asset | Ethereum (4.32M ETH) | Bitcoin (714K BTC) |
| Treasury Value | ~$10 Billion | ~$51 Billion |
| Global Rank | #1 ETH Treasury | #1 BTC Treasury |
| Strategy | Staking & Accumulation | Pure Accumulation |
The 2026 Outlook: A V-Shaped Recovery?
Tom Lee is still one of the most optimistic voices in the industry. Even with Ethereum near $2,000, he expects it to reach $7,000 to $9,000 soon, and sees Bitcoin possibly hitting $180,000.
BitMine is focusing on network use and on-chain data, with active addresses recently reaching a record 1 million per day. The company believes that today’s market fear will eventually lead to Ethereum being valued as the top financial infrastructure in the world.
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