A wallet suspected to belong to Bitmine Immersion Technologies acquired 20,000 ETH around February 7, 2026. This purchase is valued at approximately $41.67 million. The transaction reinforces the company's strategy of using Ethereum as its primary treasury reserve asset.
Bitmine’s chairman characterized the recent market downturn as a buying opportunity. He reiterated a commitment to a long-term strategy modeled after index-style products to manage volatility.
The company faces intensified scrutiny as it holds an estimated $8 billion in unrealized losses on its Ethereum portfolio. The broader cryptocurrency downturn has pressured digital asset treasury firms. Bitmine’s stock (BMNR) has recorded a significant decline year-to-date, reflecting growing investor concern.