#BitMineBuys40KETH

BitMine (also referred to as Bitmine Immersion Technologies, ticker BMNR, and chaired by Tom Lee) has indeed made a significant purchase of 40,000 ETH (Ethereum) in a single day recently. This was part of their ongoing aggressive accumulation strategy, with on-chain data showing buys like 20,000 ETH from FalconX and another 20,000 ETH from BitGo, totaling around $83.4 million at the time (based on prices around $2,000–$2,100 per ETH during the transaction period).
This move came amid a sharp market pullback, where ETH has dropped over 60% from its recent all-time highs (around $4,900+). Despite massive unrealized losses (reportedly $7–8 billion+ on their overall holdings), BitMine views this dip as a strong buying opportunity tied to Ethereum's fundamentals, staking yields, and long-term role in finance.
Key Details on BitMine's Ethereum Position
Total holdings: Approximately 4.326 million ETH (as of early February 2026), representing about 3.6% of Ethereum's circulating supply — making them one of the largest corporate holders.
Staking: Nearly 2.9 million ETH are staked, generating passive daily rewards (estimated around $1 million+ per day in some reports).
Overall treasury: Their crypto + cash + other investments exceed $10 billion, with ETH as the primary reserve asset.
Strategy: Led by Tom Lee (famous for bullish crypto calls), BitMine is treating the current weakness as an entry point, expecting a V-shaped recovery based on historical patterns. They continue buying even as prices hover near $2,000.
This signals strong institutional confidence in ETH despite the bearish market phase. Large buys like this often act as bullish catalysts, reducing available supply and potentially supporting price floors.
Current Ethereum Price (as of February 10, 2026)
Ethereum (ETH) is currently trading around $2,000–$2,012 USD, down about 1–2% in the last 24 hours amid broader crypto weakness. It's well below its 2025 peaks but holding key support levels near $2,000.
Ethereum Price Forecast and Potential Impact from This News
The crypto market is highly volatile, and predictions vary widely. Here's a balanced discussion based on recent analyst views and market sentiment:
Short-term (next few months in 2026): ETH could face more downside pressure if the broader bear market continues (some technical targets mention $1,760, $1,400, or even $1,000 in worst-case scenarios). However, heavy institutional buying like BitMine's could provide support and limit deeper drops. A rebound to $2,500–$3,000 is possible if sentiment improves.
Medium-term (end of 2026): More optimistic forecasts include:
Standard Chartered: Targets $7,500 by end-2026 (with extensions to $15,000+ in later years).
Other analysts: Ranges from $5,000–$8,000+ if recovery plays out, driven by staking rewards, network upgrades, and institutional adoption.
Tom Lee's view (via BitMine): Expects a swift V-shaped recovery, implying strong upside from current levels.
Longer-term (2027–2030): Bullish scenarios see ETH reaching $10,000–$40,000 in multi-year cycles, fueled by Ethereum's utility in DeFi, NFTs, layer-2 scaling, and real-world finance. Bearish views cap it lower if adoption slows.
Impact of BitMine's buy on ETH price:
This kind of whale/institutional accumulation (especially at scale, with 3.6%+ of supply held) is bullish. It reduces circulating supply, signals "smart money" confidence, and could spark FOMO among other investors. Combined with staking (locking up supply), it might accelerate recovery once market conditions turn (e.g., better liquidity or macro improvements). However, in the short term, overall market sentiment dominates — so while this is a positive signal, ETH won't moon overnight.
Overall, BitMine's move reinforces the narrative that big players see ETH as undervalued right now and are positioning for the next bull run.