Bitmine Immersion Technologies used the recent crypto market drop to buy more Ethereum.
When Bitcoin fell close to $60,000, Ethereum also dropped in price. Bitmine saw this as a chance. The company bought more than 40,600 ETH during the dip.
This happened at a time when the market was shaky. Many investors were worried. Bitmine did the opposite. It bought more.
After this purchase, Bitmine now holds about 4.326 million ETH. That is roughly 3.58% of all Ethereum that exists today. Out of this, around 2.897 million ETH is staked. The staked amount alone is worth about $6.2 billion. When cash and other investments are added, the company’s total holdings are now close to $10 billion.
Bitmine says this buy fits its long term plan. The company wants to build a strong Ethereum treasury. Because of this strategy, it now ranks second in the world for total crypto treasury value. Only Strategy is ahead.
Strategy also bought more crypto recently. It purchased 1,142 Bitcoin for $90 million. The company now owns 714,644 BTC, bought at an average price of $76,056 per coin. Even though prices are lower, both Strategy’s Michael Saylor and Bitmine’s Tom Lee remain confident.
Ethereum has been struggling in recent weeks. The price fell sharply to about $1,740 on February 5, 2026. Since then, it has hovered near $2,000. On February 9, ETH traded around $2,056. That was down 3% in a day and nearly 12% lower than last week’s high.
Overall, Ethereum is still far from its peak. It is down about 58% from its all time high of nearly $5,000 reached in August.
Even so, Tom Lee is not worried. He believes Ethereum will bounce back strongly. He points to history. Since 2018, ETH has dropped more than 50% eight different times. Each time, it recovered.
He also reminds investors of 2025. Early that year, ETH fell 64% between January and March. Later, it surged from $1,600 to $5,000. Lee believes the current fall looks similar.
According to him, Ethereum’s real value is not reflected in its price right now. Its use in finance and its on chain activity remain strong. He expects another sharp recovery in 2026.
Lee says the best chances in crypto usually come after big drops. He believes this moment could be one of them.