Bitmine increases holdings by 51,162 ETH: Tom Lee interprets Ethereum's upward logic and market bottom signals

During the oscillation adjustment period of the “mini bear market” in the cryptocurrency market, the movements of whales are often seen as a market sentiment indicator. Recently, despite Ethereum’s price being under pressure, publicly traded company Bitmine, focused on the Ethereum treasury strategy, has demonstrated strong confidence in its long-term value through concrete actions. Meanwhile, renowned Wall Street strategist and Bitmine Chairman Thomas “Tom” Lee has spoken out again, elaborating on his optimistic outlook for ETH’s fundamentals. This article combines the latest data from the Gate platform to analyze the deeper logic behind these developments.

Bitmine Expands Against the Market, ETH Holdings Reach 3.66%

According to the latest disclosures, as of February 22, 2026, Bitmine’s total holdings of crypto assets and cash have reached $9.6 billion. Most notably, during the recent market decline, the company added another 51,162 ETH last week. This brings Bitmine’s total Ethereum holdings to an astonishing 4,422,659 ETH, accounting for 3.66% of the current total supply of Ethereum.

Ethereum holdings, source: strategicethreserve

Detailed holdings data show that Bitmine not only holds a large amount of spot ETH but also actively participates in securing the Ethereum network. Of its ETH holdings, 3,040,483 ETH have been staked, valued at approximately $6 billion at current prices. This “hold and stake” strategy reflects its long-term confidence in Ethereum and provides the company with stable cash flow—its annualized staking income has already reached about $171 million.

Tom Lee: “No Regrets Buying In,” Three Core Drivers Support ETH’s Future

Behind Bitmine’s increased holdings is Chairman Tom Lee’s precise macroeconomic judgment. Despite ETH’s price retracing over 30% from recent highs, Lee stated in an interview that the market is currently experiencing a “mini winter,” but this is not the start of a long-term bear market. Instead, it offers investors a window to build positions gradually.

Addressing concerns about “buying too early,” Lee firmly said he has “no regrets,” believing that Ethereum’s price does not fully reflect its high utility and its central role in future financial systems. He defines 2026 as Ethereum’s “decisive year” and highlights three core engines supporting his bullish outlook on ETH fundamentals:

• Wall Street’s tokenization process (RWA): Tokenization of real-world assets (RWA) is becoming one of the largest application scenarios for blockchain technology. As the most mature smart contract platform, Ethereum is experiencing a massive demand from traditional financial institutions to bring assets on-chain.
• Artificial Intelligence and Agent Economy (AI & AI Agents): Payments, settlements, and executions by AI agents require underlying blockchain infrastructure. Ethereum’s high security and composability make it an indispensable settlement layer in the AI economy.
• Verification needs of the creator economy: In an era of content explosion, creators’ demands for copyright verification and revenue sharing are increasing, and Ethereum offers decentralized and transparent solutions.

Lee sees these factors as the foundation of Ethereum’s long-term value, even predicting that ETH could someday reach ratios comparable to Bitcoin’s historical levels, potentially hitting $12,000 to $22,000.

Market Sentiment and Technical Battle: ETH Price Analysis on Gate Platform

Despite positive fundamentals, market sentiment remains complex. According to Gate’s data, as of February 24, 2026, ETH is priced at $1,831.38. Over the past 24 hours, ETH has decreased by 1.82%, with a 24-hour trading volume of $434.46 million, a market cap of $231.09 billion, and a market share of 9.70%.

From a technical perspective, ETH is currently at a critical psychological level. Analysts note that after a significant decline, Ethereum is forming a triangle consolidation pattern, indicating increased volatility ahead. The current price repeatedly tests the $1,800 to $1,950 range. Although on the daily chart, ETH remains below the 50-day moving average (around $2,683) and is in a downtrend, on-chain data shows a different picture: while retail investors panic, whales are accumulating heavily. Recent data shows over $490 million worth of ETH has moved from exchanges to newly created wallets, indicating that “smart money” is actively building positions at current prices.

It’s also worth noting that Ethereum co-founder Vitalik Buterin’s recent transfers have caused some short-term psychological pressure. However, compared to his large holdings, these transfers have minimal actual impact on market liquidity and are more emotional disturbances.

Future Outlook: Finding Value Anchors Amid Volatility

For investors, the current market environment is full of challenges and opportunities. Bitmine’s continued accumulation and Tom Lee’s firm optimism represent long-term believers betting on ETH’s value recovery. They see current levels around $1,800 as attractive for allocation, whether as staking assets or as the foundational fuel for future on-chain economies.

According to Gate’s price forecast models, 2026 is a critical year for ETH’s bottoming and rebound. Although short-term prices may fluctuate between $1,104 and $2,474, with an average around $1,903.51, by 2030, with the full explosion of application layers, prices could rise to higher ranges.

In summary, Bitmine’s accumulation is not just a financial move but a bet on the three narratives of “RWA, AI, and creator economy” articulated by Tom Lee. Under the shadow of the “mini bear market,” what truly determines an asset’s future height remains its irreplaceable fundamental value. For ordinary investors, rather than trying to precisely predict the bottom, it’s better to use compliant platforms like Gate to gradually build positions, be patient with time, and wait for the next cycle’s bloom.