Tom Lee's BitMine (BMNR) buys 51,162 ether (ETH) amid falling crypto prices

CoinDesk

by Krisztian Sandor

February 23, 2026

AI-Generated Deep Dive Summary

Tom Lee's BitMine Immersion Technologies (BMNR) has continued to capitalize on the crypto market's recent downturn by acquiring a significant amount of ether (ETH). Last week alone, the company purchased 51,162 ETH tokens worth approximately $98 million at current prices. This move brings their total holdings to over 4.42 million ETH tokens, representing about 3.66% of Ethereum's total supply. Despite the ongoing crypto market weakness and falling ETH prices—which have dropped by another 3% in the past 24 hours to $1,918—BitMine has aggressively expanded its ETH holdings. The company's strategy appears to focus on long-term opportunities despite short-term losses. BitMine currently holds 193 bitcoins, $691 million in cash and equity stakes, including a

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Originally published on CoinDesk on 2/23/2026