BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion
Analysis
Price Impact
LowWhile bitmine immersion is a significant holder, their continued buying during a downturn suggests conviction rather than a catalyst for immediate price movement. the market is more influenced by broader macroeconomic factors and institutional adoption trends.
Trustworthiness
HighThe information is directly from the company's update and reported by a reputable financial news source (coindesk).
Price Direction
NeutralThe news indicates continued accumulation by a large holder, which is typically a bullish sign for the long term. however, given the current market downturn and the company's own significant losses, this specific action is unlikely to immediately reverse the prevailing bearish trend.
Time Effect
LongThis is a strategic treasury decision by a large eth holder. the full impact of such accumulation would be realized over a longer period, as the market recovers and the value of their holdings appreciates.
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Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion Tom Lee's Ethereum-focused firm continues buying into the crypto market weakness, now 4.42 million ETH tokens, or about 3.66 percent of the total supply. By Krisztian Sandor | Edited by Stephen Alpher Feb 23, 2026, 1:55 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 Immersion Technologies purchased 51,162 ether in the past week, bringing its total Ethereum holdings to more than 4.42 million tokens. The company has spent an estimated $16.4 billion building its Ethereum treasury, which is now worth roughly half that amount, leaving it with more than $8 billion in losses amid a market downturn. The firm said it is now generating about $171 million in annualized staking revenue. BitMine Immersion Technologies (BMNR) purchased 51,162 ether (ETH) last week, or roughly $98 million at current prices. The latest purchase lifted the firm's total holdings over 4.42 million tokens as of February 22, cornering 3.66% of the token's total supply, the company said in its latest Monday update . It also holds 193 bitcoin, 691 million in cash, and equity stakes, including a $200 million investment in Beast Industries and a smaller investment in Eightco Holdings. 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 company said it is generating $171 million in annualized revenue via staking over 3 million of its ETH holdings. BMNR is down 2% in pre-market trading and lower by about 60% over the past six months. With the price of ETH continuing to fall — down another 3% over the past 24 hours to $1,918 — the firm's losses on its $16.4 billion in purchases now exceed $8 billion, according to DropsTab . "In the midst of this 'mini crypto winter,' our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings," BitMine chairman Thomas Lee said. Bitmine Ethereum News Digital Asset Treasury Ethereum Treasury More For You U.S. Treasury may boost T-Bill issuance as stablecoins eye $2 trillion market cap: StanChart By Will Canny , AI Boost | Edited by Stephen Alpher 16 minutes ago The bank said stablecoins may generate up to $1 trillion in fresh Treasury bill demand by 2028, allowing the government to ramp up issuance and suspend 30-year bond auctions. What to know : Standard Chartered expects the stablecoin market cap to reach $2 trillion by the end of 2028, generating up to $1 trillion in fresh Treasury bill demand. Combined with roughly $1.2 trillion in projected Fed buying, total new T-bill demand could reach about $2.2 trillion through 2028, compared with around $1.3 trillion in supply, leaving a potential gap of roughly $900 billion. The bank said the Treasury could boost bill issuance, potentially pausing 30-year auctions, to meet rising demand at the front end. Read full story Latest Crypto News U.S. Treasury may boost T-Bill issuance as stablecoins eye $2 trillion market cap: StanChart 16 minutes ago Pantera leads $11.5M round in Based, a Hyperliquid-powered crypto app 17 minutes ago Mexican billionaire Ricardo Salinas remains bullish on bitcoin after plunge 19 minutes ago Strategy logs 100th bitcoin purchase announcement, adding 592 coins last week for $39.8 million 34 minutes ago Tariff travails resurface, bitcoin holders prepare for declines 1 hour ago Bitcoin stabilizes after overnight crypto rout, bouncing to $66,000 2 hours ago Top Stories Bitcoin ETFs bleed $3.8 billion in historic five-week outflow streak 9 hours ago Ethereum founder Vitalik Buterin accelerates ether sales 3 hours ago To freeze or not to freeze: Satoshi and the $440 billion in bitcoin threatened by quantum computing 21 hours ago AI bot's tipping blunder hands $450,000 memecoin pile to X sad story poster 7 hours ago Bitcoin balances on Binance hit highest since November 2024: here's what it means 3 hours ago Bitdeer sold all its bitcoin to fund its move into AI data centers 3 hours ago