Tom Lee-Linked Bitmine Adds 17,722 ETH in Latest Acquisition

Ethereum (ETH) markets witnessed another significant institutional purchase as Bitmine Immersion Technologies (BMNR), linked to Tom Lee, moved 17,722 ETH worth $34.74 million in the past 24 hours. According to blockchain analytics platform Lookonchain, this purchase is part of a larger accumulation strategy by Bitmine. 

Over the week, three wallets likely associated with the firm bought a total of 62,722 ETH valued at $123.25 million. The transactions originated from Kraken’s hot wallet, with a smaller test transfer of 0.001 ETH preceding the large moves to verify wallet addresses.

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This move follows Bitmine’s February 17 announcement that its combined crypto, cash, and equity holdings reached $9.6 billion as of February 16, 2026. The firm has already acquired 45,759 ETH in the past week, further strengthening its Ethereum position. 

Chairman Tom Lee stated, “For us at Bitmine, we cannot control the price of Ethereum, and the company is acquiring ETH regardless of price trend, as the long-term outlook for Ethereum remains outstanding.” Hence, the company continues buying ETH despite the so-called “mini-winter” in crypto markets.

Bitmine’s expanding Ethereum treasury

Bitmine now holds 4,371,497 ETH, each valued at about $1,998, along with 193 Bitcoin (BTC). The company also has $670 million in cash, a $200 million stake in Beast Industries, and $17 million in Eightco Holdings. With this size, Bitmine controls nearly 3.62% of all Ethereum in circulation, which totals 120.7 million ETH. 

Earlier this month, the firm added 40,613 ETH to its holdings. Chairman Tom Lee compared today’s market to the downturns of 2018 and 2022 but noted that, unlike before, there haven’t been any major industry failures this cycle.

The trend of big institutional buys isn’t just Bitmine’s story. Nasdaq-listed Sharplink, backed by Consensys, has grown its Ethereum holdings to 867,798 ETH so far, worth around $1.69 billion. 

Matt Sheffield, Sharplink’s CIO, highlighted on X, “Institutions are betting on Sharplink being Ethereum with an edge. From less than 10% institutional ownership in June to 46% in the most recent 13F filings. We’re building durably and transparently which is what Wall Street needs to back the new financial order.”

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Corporate strategies signal market confidence

Major companies and organizations are steadily stacking up Ethereum, showing they have growing confidence in the network. As per Ethereum treasuries data, Bitmine leads the pack with more than 3 million ETH, worth nearly $6 billion. Sharplink is using its Ethereum not just as a reserve but also to power Web3 gaming projects, holding 861,251 ETH. 

The Ether Machine keeps 496,712 ETH mainly for running Ethereum-based services and generating yield. Meanwhile, the Ethereum Foundation holds 244,481 ETH to fund development and support the ecosystem. Even Coinbase Global keeps 137,334 ETH, using it for operations and staking activities.

Therefore, these actions demonstrate a change in the behavior of institutions. It is not just that companies are passively holding ETH but actively using it. Such behavior is an indication of long-term faith in the Ethereum network. Furthermore, the accumulation strategies indicate that companies are preparing for the benefits that will come with both price and network adoption

As of writing, as per CoinMarketCap data, Ethereum trades at $1,962.30 with a 24-hour volume of $20.34 billion, up 1.19% in the last 24 hours.

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