BitMine adds $90 million in ETH — Tom Lee says crypto sentiment reminiscent of 2018 and 2022 bottoms
Analysis
Price Impact
HighBitmine, a major ethereum treasury firm, made its largest weekly eth purchase this year, acquiring 45,759 eth ($90m), and now holds over 4.37 million eth. this significant accumulation by a large institutional player, combined with tom lee's comparison of current sentiment to past market bottoms (2018, 2022) but without major collapses, suggests strong underlying bullish potential despite short-term weakness.
Trustworthiness
HighBitmine is a verifiable entity with publicly disclosed holdings and actions. tom lee, chairman of bitmine and cio of fundstrat, is a well-known and respected analyst in traditional finance and crypto, lending significant credibility to the sentiment analysis.
Price Direction
BullishThe massive eth accumulation by bitmine, alongside chairman tom lee's belief that current depressed sentiment is a buying opportunity reminiscent of previous market bottoms, indicates a strong bullish outlook. he emphasizes eth's high utility and role as the future of finance, justifying their continued buying during a 'mini-winter.'
Time Effect
LongBitmine's strategy involves significant staking operations (3m eth currently staked) which are long-term holding plays. tom lee's comparison to 2018 and 2022 bottoms, and his emphasis on long-term growth drivers like tokenization and ai integration, suggest this is a foundational accumulation phase targeting a sustained recovery and growth over an extended period, rather than an immediate price surge.
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Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email BitMine adds $90 million in ETH — Tom Lee says crypto sentiment reminiscent of 2018 and 2022 bottoms The Ethereum treasury firm continues its buying spree with its largest weekly ETH purchase in token terms this year. By Krisztian Sandor | Edited by Stephen Alpher Feb 17, 2026, 2:10 p.m. Make us preferred on Google Thomas Lee, chairman of BitMine and CIO of Fundstrat, on the main stage during Consensus Hong Kong 2026 (David Paul Morris/Consensus, modified by CoinDesk) What to know : BitMine purchased 45,759 ether (ETH) last week, lifting total holdings to 4.37 million tokens. The firm now has 3 million ETH staked, generating $176M in annualized rewards. Chairman Tom Lee said the current sentiment in crypto markets reminded him of the lows seen in 2018 and 2022. BitMine Immersion Technologies (BMNR), the largest Ethereum treasury company, purchased 45,759 ether ETH $ 1,995.98 last week, extending its buying spree despite the sharp pullback in crypto prices. The haul was the largest weekly purchase this year in token terms, bringing the firm's total ETH holdings to 4,371,497 tokens, the company said in a Monday update . That's equivalent to $8.7 billion at current prices, while the company is estimated to be sitting on almost $8 billion in paper losses. STORY CONTINUES BELOW Don't miss another story. Subscribe to the Crypto Daybook Americas Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms & conditions and privacy policy . The firm also raised its cash pile to $670 million, alongside its small bitcoin BTC $ 68,185.88 stash and equity stakes, including a $200 million position in Beast Industries . Total assets stand at $9.6 billion, while BitMine’s share of ETH’s total supply rose to 3.62%. BitMine has now staked over 3 million ETH — about 69% of its holdings — that generate $176 million in annualized rewards, according to Chairman Tom Lee. The firm’s staking operations currently yield 2.89% annualized. Lee said sentiment in crypto markets remains depressed, drawing comparisons to the lows of 2018 and 2022. But he argued the current environment differs in that there have been no major collapses of large players. "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," he said. "Rather, it seems like crypto has remained weak since the 'price shock' and massive deleveraging seen on October 10th." Lee also highlighted developments from last week’s Consensus Hong Kong conference, where he cited tokenization, artificial intelligence (AI) integrations and proof-of-humanity infrastructure as long-term growth drivers for Ethereum. "The price of ETH is not reflective of the high utility of ETH and its role as the future of finance," Lee said. "Hence, we continue to buy ETH even as crypto moves through this 'mini-winter.'" Read more: Tom Lee says stop timing the bottom and start buying the dip Bitmine Ethereum News Ethereum Treasury More For You Banking giant Intesa Sanapolo discloses $100 million bitcoin ETF holdings, along with Strategy hedge By Francisco Rodrigues | Edited by Oliver Knight 1 hour ago The bank also holds a large put option position on Strategy, potentially capitalizing on the company trading above the value of its BTC holdings. What to know : Intesa Sanpaolo disclosed $96 million in bitcoin ETF holdings, including ARK 21Shares Bitcoin ETF and iShares Bitcoin Trust. 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