Bitmine Immersion Technologies raised its Ethereum treasury to 4,422,659 million tokens in the week ending Feb. 22, giving the Las Vegas-based company control of 3.66% of all Ether in circulation despite the continued decline in ETH prices.
BitMine Deepens Ether Bet With 51,162 ETH Buy
Ethereum, the world’s second-most valuable cryptocurrency, dropped roughly 5.6% over the past week, trading recently around $1,861. The token hit a more than two-week low earlier today, falling to $1,845 before slightly rebounding.
However, Ether remains over 62.4% down from its all-time high of $4,946 set in August 2025 and has plunged 37.1% in the past month alone in what Bitmine chairman Tom Lee describes as a “mini crypto winter.”
“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,” said BitMine Chairman Tom Lee, in a statement.
BitMine’s recent acquisition adds 51,162 ETH over the past week, or roughly $98 million at current prices, bringing the company roughly 27% short of its target to hold 5% of Ethereum’s total supply. Despite the accumulation, BitMine is currently deeply underwater on its Ether stack.
Why BitMine Continues Accumulating Ether Despite Market Drawdown
BitMine’s Ethereum treasury is valued at approximately $8.5 billion based on current market prices. This strengthens Bitmine’s top spot among global Ethereum treasury firms, the company stated. Moreover, BitMine ranks as the second-largest publicly traded crypto treasury, trailing only Strategy, led by Bitcoin permabull Michael Saylor. Strategy holds 717,722 BTC, valued at $46 billion, representing roughly 3.4% of Bitcoin’s fixed 21 million coin supply.
Lee pointed to three key factors supporting Ethereum’s long-term potential amid the ongoing market slump: Wall Street’s push for tokenization, the use of smart blockchains in AI applications for execution and payments, and the creator economy’s shift toward blockchain-based verification.
Notably, despite the downturn, Bitmine Immersion Technologies continues to attract major Wall Street backing. Its 11 largest shareholders—including Morgan Stanley, Charles Schwab, ARK Investment Management, and BlackRock—added to their stakes during Q4 2025.
Source: https://zycrypto.com/bitmine-supercharges-ethereum-hoard-to-4-42m-eth-even-as-prices-slide-to-2-week-lows/
