BitMine bought nearly $42 million worth of Ethereum on February 7, adding to its position as the largest corporate holder despite a deepening crypto downturn.
Blockchain data cited by Lookonchain show the firm acquired about 20,000 ETH for $41.98 million, even as Ethereum prices have fallen roughly 31% over the past month.
“Ethereum is the future of finance,”
Said BitMine chair Tom Lee, who argued that:
“Sharp volatility is a feature, not a bug of crypto market cycles.”
The latest purchase brings BitMine closer to its long-term goal of controlling 5% of Ethereum’s circulating supply, with holdings now exceeding 4.29 million ETH, or more than 70% of that target.
Ethereum has traded as low as $1,824 this month, its weakest level since May 2025, as broader risk-off sentiment and geopolitical tensions weigh on digital assets.
To offset valuation pressure, BitMine is expanding beyond a buy-and-hold strategy by staking nearly 3 million ETH and pursuing higher-risk investments to generate yield.
The aggressive accumulation underscores BitMine’s conviction that Ethereum’s long-term network usage and staking economics will outlast the current crypto winter.
At the time of reporting, Ethereum price was $2,077.21.