Bitmine Adds $90M in ETH as Tom Lee Compares Crypto Sentiment to 2018 and 2022 Bottoms

Bitmine Immersion Technologies (BMNR) purchased ETH 45,759 last week, valued at approximately $90 million, continuing its aggressive accumulation strategy despite ongoing market volatility. This acquisition marks the firm’s largest weekly purchase of the year in ETH $1 949 24h volatility: 1.8% Market cap: $235.26 B Vol. 24h: $18.45 B token terms, occurring as Fundstrat’s Tom Lee compares current investor sentiment to the depths of the 2018 and 2022 bear markets.

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🔥 TODAY: Tom Lee’s Bitmine acquired 35,000 $ETH worth $69.37M in a single day. pic.twitter.com/OVUZQMETTD

— Bitcoinsensus (@Bitcoinsensus) February 19, 2026

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Is the Crypto ‘Mini-Winter’ Near Its End?

The purchase comes amid a period of bearish market activity that Lee characterizes as a “mini-winter.” For the Bitmine Chairman, current investor psychology reflects a level of “forlornness and dejection” reminiscent of the cyclical bottoms seen in November 2022 and during the prolonged crypto winter of 2018. However, Lee distinguishes the current environment from previous cycles, noting the absence of systemic collapses among major industry players.

Bitmine’s continued buying spree serves as a proxy for institutional conviction in Ethereum, even as price performance lags. Lee cited developments from the Consensus Hong Kong conference, specifically regarding tokenization and AI integration, as key growth drivers that the current market pricing ignores.

“The price of ETH is not reflective of the high utility of ETH,” Lee stated, reinforcing the decision to buy while sentiment remains at rock bottom. With significant cash reserves still on hand, Bitmine appears positioned to defend its stake and continue accumulation if prices remain suppressed.

This assessment aligns with broader technical indicators, suggesting the market may be oversold. Analysts have noted that Bitcoin hits deep value as RSI plummets, signaling potential support levels are forming across the damaging asset class. Despite the gloomy sentiment, Lee remains steadfast in his bullish outlook.

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Bitmine Buys More ETH: Holdings and Strategic Losses

Following the latest acquisition, Bitmine’s total treasury has grown to 4,371,497 ETH, representing 3.62% of the total circulating supply. In a Tuesday update, the company reported total assets of $9.6 billion, including a growing cash pile of $670 million. The firm is steadfast in its “Alchemy of 5%” strategy, aiming to control one-twentieth of the total Ether supply, though this conviction comes at a cost; the company is estimated to be sitting on approximately $8 billion in paper losses.

Market headwinds haven’t deterred institutional support. Earlier this year, reports confirmed that BlackRock acquires Bitmine stake, signaling long-term validation of the treasury model. Similarly, asset managers looking for discounted exposure have been active, as Cathie Wood scoops crypto stocks like BMNR during recent dips.

Operationally, Bitmine is leveraging its massive hoard to generate yield. The firm has staked over 3 million ETH, roughly 69% of its holdings, generating approximately $176 million in annualized rewards at a 2.89% yield. Management expects these figures to improve with the launch of their proprietary MAVAN staking infrastructure in Q1 2026.

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