The cryptocurrency market’s February 2026 downturn has seen a steady decline, with the total market value falling to $2.3 trillion. Despite this, institutional firm BitMine, led by Tom Lee, has aggressively purchased and staked additional Ethereum, signaling long-term confidence while its own stock price faces pressure.
The cryptocurrency market’s strong 2025 rallies have faded, entering a steady February decline. The total market value dropped to $2.3 trillion, according to CoinMarketCap data, a one-day fall of 2.71%.
This slowdown is largely driven by institutions reducing risk and shifting interest rate expectations. Many headlines frame this as a crash, but the reality is more nuanced than retail panic selling.
While small investors feel uncertain, BitMine has shown strong interest in Ethereum. On February 11, the company moved another 140,400 ETH, worth around $282 million, into staking.
This pushed its total staked Ethereum to nearly 3 million ETH, valued at over $6 billion. Approximately 69% of BitMine’s ETH is now locked and illiquid.
The firm has been aggressively buying during the dip, especially near the $2,000 level. It bought 20,000 ETH worth about $41 million on February 9.
The next day, it acquired another 40,000 ETH worth roughly $83 million. In the past 30 days alone, it has added more than 180,000 ETH to its holdings.
Following these purchases, BitMine’s stock (BMNR) closed at $19.95, falling nearly 7% according to Google Finance. The company’s strategy is now under market pressure.
