 ▲ Ethereum (ETH) |
BitMine, led by noted Ethereum (Ethereum, ETH) bull Tom Lee, is drawing market attention after seizing the recent price decline as a major accumulation opportunity and adding $82 million in additional assets to its portfolio.
According to cryptocurrency-focused outlet U.Today on February 10 (local time), BitMine, a publicly listed company that concentrates its investments on Ethereum, purchased an additional 40,613 ETH despite a week of ongoing market volatility. Data analysis from blockchain analytics platform Lookonchain shows the accumulation totaled approximately $82.85 million, suggesting that BitMine viewed the peak of market fear as an optimal long-term buying opportunity. BitMine Chairman Tom Lee continues to express strong conviction in Ethereum’s long-term value despite the price decline.
BitMine’s average purchase price for this round is estimated at around $2,039, executed during a tense period when Ethereum was testing multi-year lows while threatening the psychological $2,000 level. Although Ethereum has undergone a sharp price correction over the past seven days, BitMine took an aggressive stance by doubling its buying volume. This decision is interpreted as part of a strategic asset accumulation approach that bets on the growth of the Ethereum ecosystem rather than short-term price gains.
Despite the large-scale accumulation, BitMine’s overall portfolio is recording significant unrealized losses due to the recent sharp downturn in the digital asset market. The total value of Ethereum held by BitMine currently stands at approximately $8.82 billion, but falling market prices have resulted in about $7.8 billion in unrealized book losses across the portfolio. As of the time of writing, Ethereum is trading at around $2,034, down 3.91% from the previous day, and even BitMine’s recent additional purchases have yet to offset these losses.
BitMine’s actions mirror the situation faced by other major digital asset holding companies such as Strategy. As overall market sentiment weakens, the asset values of large Bitcoin (Bitcoin, BTC) and Ethereum holders are falling sharply; however, these firms continue to adhere to a strategy of lowering their average cost and increasing their holdings through additional accumulation during downturns. Tom Lee has previously maintained an optimistic outlook on Ethereum despite unrealized losses totaling $7 billion.
Industry observers believe that BitMine’s continued accumulation could serve as a powerful upside catalyst during a future market recovery. Ethereum is currently hovering at a technical inflection point as it seeks rebound momentum while defending the $2,000 support level, and sustained inflows from large institutions are expected to be a key factor in limiting downside pressure. Investors are closely monitoring further buying moves by BitMine along with shifts in overall digital asset market liquidity as they formulate their response strategies.
*Disclaimer: This article is for investment reference only, and no responsibility is taken for investment losses based on it. The content should be interpreted solely for informational purposes.*