BitMine Keeps Buying Ethereum With New $84M Purchase Despite $8B Paper Losses

Tom Lee’s BitMine has extended its Ethereum buying streak with another purchase. This comes even as the firm is currently sitting on about $8 billion in paper losses due to the crypto market crash.

BitMine Continues Accumulating Ethereum Amid Losses

According to Lookonchain data, the Ethereum treasury firm acquired $84 million worth of tokens, continuing its streak of ETH purchases. The purchase added to its holdings of 4,325,738 ETH, which is around $9.14 billion, recorded at the end of last week.

It seems that Tom Lee(@fundstrat)’s #Bitmine bought another 20,000 $ETH($42.3M) from BitGo 7 hours ago.

Today alone, it has bought 40,000 $ETH($83.4M).https://t.co/cY4jpzYpQu pic.twitter.com/YNTMDgdo3h

— Lookonchain (@lookonchain) February 10, 2026

Earlier on Monday, the Ethereum treasury company had reported it had bought 40,613 ETH in the previous week, bringing it to 72% of its target to acquire 5% of the coin’s circulating supply.

The new purchases by BitMine were made in two tranches. Data from Arkham Intelligence showed that the treasury entity first bought 20,000 ETH from FalconX. It then purchased the second lot of 20,000 ETH from the BitGo entity, approximately within the same period.

This comes despite the firm currently facing around $8 billion in unrealized losses. Tom Lee, in response, said the unrealized losses the company is carrying are expected. He added that the Ethereum treasury would incur some losses during market downturns, adding that the firm would eventually outperform the market cycle.

BitMine has continued its acquisition strategy for ETH despite the market downturn. The Ethereum price currently trades at 57% below its all-time high of $4,900, as seen in August of 2025.  The company has chosen to stake 67% of its total ETH, yielding an annual revenue of $202 million.

Tom Lee Sees Rapid ETH Recovery After Sell-Off

Lee has maintained that the Ethereum price will recover in due time after the recent cash out. He pointed out that, even against the price decline, ETH’s network utility reached new highs.

Lee consequently said that while many investors are scared by the recent sell-off, market pullbacks have been an opportunity historically.

“The best investment opportunities in crypto have presented themselves after declines. BitMine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance,” he said.

BitMine did not follow the trend of sell-off as seen in other institutions. For instance, Trend Research emptied its ETH portfolio amid around $750 million in losses. It was reported that the firm plans to use the tokens sold off to repay loans taken out to acquire them at previous highs.

Lee had previously predicted that Bitcoin would go as high as $180,000 while ETH would range between $7,000 and $9,000 at the end of January. However, this has not been the case, with critics hitting back at the chairman.