BitMine Immersion Technologies continues to strengthen its institutional investment in Ethereum. According to on-chain data, the company has purchased approximately $83.6 million worth of ETH.
Arkham Intelligence data showed that Bitmine purchased 20,000 ETH through the brokerage FalconX. On-chain analytics platform Lookonchain reported that the company purchased another 20,000 ETH, this time through BitGo, during a similar time period. Ethereum was trading at approximately $2,090 at the time of these transactions.
This purchase adds to Bitmine’s assets, which stood at 4,325,738 ETH (approximately $9.14 billion) as of last weekend.
The company previously announced that it had purchased 40,613 ETH in the week ending February 8, thus reaching 72% of its goal to acquire 5% of Ethereum’s circulating supply.
Although the ETH price is still approximately 57% below its peak of $4,946 seen in August 2025, Bitmine management sees this pullback as an opportunity. The company’s CEO, Tom Lee, stated that Ethereum network usage has reached record levels despite the price drop.
Bitmine also announced that it stakes approximately 67% of its total ETH holdings, generating an annualized revenue of $202 million.
Lee stated, “The best opportunities in crypto often arise after dips,” describing these levels as an “attractive entry point.” Bitmine shares (BMNR) closed up 4.79% at $21.45 on Monday, but remain down 28.64% in the past month.
*This is not investment advice.
