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BitMine, the world’s largest corporate holder of Ethereum, has taken advantage of recent ETH price volatility to further expand its crypto treasury, reinforcing its long-term conviction in the Ethereum network. According to blockchain analytics platform Lookonchain, citing data from Arkham Intelligence, BitMine acquired approximately 20,000 ETH on February 7 for a total investment of $41.98 million.
This latest Ethereum purchase brings BitMine significantly closer to its ambitious objective of controlling 5% of Ethereum’s total circulating supply. Data from Strategic ETH Reserve indicates that the firm now holds around 4.29 million ETH, meaning it has already surpassed 70% of its stated long-term accumulation target. The move further solidifies BitMine’s position as a dominant institutional player in the Ethereum ecosystem.
The acquisition comes during a period of notable weakness in the crypto market. Ethereum has fallen roughly 31% over the past month and was trading near $2,117 at the time of reporting. During the past week, ETH briefly dipped to around $1,824, marking its lowest price since May 2025. Despite these sharp declines, BitMine’s leadership remains firmly bullish on Ethereum’s future.
BitMine Chairman Tom Lee has publicly defended the firm’s aggressive buying strategy, emphasizing that price volatility is a natural and recurring characteristic of Ethereum. He noted that ETH has experienced drawdowns of 60% or more at least seven times since 2018, yet has continued to recover and grow in network usage. According to Lee, Ethereum represents the future of finance, and short-term unrealized losses do not undermine its long-term potential.
Beyond a traditional buy-and-hold approach, BitMine is actively evolving its treasury strategy. The company is pursuing accretive acquisitions and higher-risk capital deployments aimed at outperforming the broader crypto cycle. This includes speculative investments in smaller-cap tokens such as Orbs, as well as unconventional ventures like investments in media entities linked to Mr Beast. Additionally, BitMine continues to generate yield by staking nearly 3 million ETH, helping offset downside pressure from a risk-off macroeconomic environment shaped by geopolitical tensions and shifting Federal Reserve expectations.
By combining large-scale Ethereum accumulation, staking rewards, and diversified high-risk investments, BitMine is positioning itself to navigate the current crypto winter while maintaining a long-term bullish outlook on Ethereum.
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