Bitmine Immersion Technologies has significantly bolstered its Ethereum position amid market volatility.
As the ETH price dropped amid Bitcoin’s nosedive to $60,000, the crypto treasury company took advantage to acquire over 40,600 of the coin.
The move mirrors that of Strategy, which also announced the purchase of more BTC in the past week, with both Strategy’s Michael Saylor and Bitmine’s Tom Lee bullish despite paper losses on their positions.
Bitmine boosts Ethereum holdings by 40,600 ETH
Publicly-listed Bitmine Immersion Technologies announced on February 9, 2026, that it added 40,613 ETH in the past week, bringing its total ETH holdings to 4.326 million tokens, representing about 3.58% of the total Ethereum supply of 120.7 million ETH.
The company’s staked ETH meanwhile stands at 2.897 million, worth approximately $6.2 billion, and the overall crypto, cash, and other investments now total $10 billion.
According to an announcement, the buy aligns with Bitmine’s aggressive Ethereum treasury strategy.
It ranks second globally, behind Strategy, in terms of total crypto treasury value.
Notably, Strategy also announced the acquisition of 1,142 BTC for $90 million at an average price of $78,815 per Bitcoin.
As of February 8, the company held 714,644 BTC acquired for just over $54 billion at an average cost of $76,056 per BTC.
ETH price forecast: V-shaped recovery?
Ethereum’s price has struggled near $2,000 since the sharp sell-off to lows of $1,740 on Feb. 5, 2026.
On Monday, Feb. 9, the leading altcoin changed hands at around $2,056, down 3% in 24 hours and nearly 12% off highs seen in the past week.
Aggregate data shows ETH has declined 58% from its all-time high of around $5,000 reached in August.
Despite the short-term bearish outlook, Bitmine Chairman Tom Lee says the altcoin remains bullish long term.
He expects a V-shaped recovery similar to previous instances of sharp declines.
“Crypto prices are highly volatile, and in fact, this is the 8th time since 2018 that ETH prices have fallen 50% or more from a recent high, meaning declines like this are seen annually. In 2025, from January to March, ETH prices fell 64% and yet still surged from $1,600 to $5,000 later in the year,” Lee noted.
With such historical rebounds in place, Lee looks at the current pullback as an attractive entry point.
According to him, Ethereum’s utility as the “future of finance” and robust on-chain activity currently outpace price action. Will Ether see such bounces in the coming months? Lee says yes.
“ETH sees V-shaped recoveries from major lows. This happened in each of the 8 prior declines of 50% or more. A similar recovery is expected in 2026. The best investment opportunities in crypto have presented themselves after declines. Think back to 2025, the single best entry points in crypto occurred after markets fell sharply due to tariff concerns.”
