Bitmine Goes All-In: Buying 51,162 ETH Amid Peter Thiel’s Fund Capitulation and $8.2B Unrealized Loss

Bitmine's Crypto Strategy: Purchasing 51,162 ETH Amid Record Losses

While retail investors succumb to panic due to a prolonged decline in quotes, large institutional players continue aggressive accumulation. Bitmine Corporation officially confirmed the purchase of an additional 51,162 ETH over the last seven days, turning the current drawdown into a springboard for long-term dominance.

According to an official press release, the company views current price levels as an "ideal entry point." Notably, the decision to expand the portfolio was made despite an unrealized loss of ~$8.2 billion, highlighting the management's exceptional faith in the fundamental value of the Ethereum ecosystem.

Bitmine’s Portfolio: Numbers, Dominance, and Reserves

Currently, Bitmine's total reserves have reached an impressive $9.6 billion. This amount includes not only digital assets but also cash and stakes in promising technology startups.

Key indicators of the company's treasury as of the evening of February 22, 2026:
ETH Holdings: Over 4.42 million coins (approximately 3.66% of the total market supply).
Bitcoin Reserves: 193 BTC.
Liquidity: $691 million in free cash.
Market Position: 2nd place in the global ranking of corporate crypto treasuries.

With the asset's current price at $1,958, the company maintains its status as one of the largest holders of Ether in the world. Meanwhile, the ranking leader — Strategy — reported its milestone 100th Bitcoin purchase on February 23.

Thomas Lee’s View: Why the Market is Wrong

Thomas Lee, Chairman of the Board at Bitmine, argues that current exchange quotes are detached from reality. According to him, while charts are looking for a "bottom," the actual network infrastructure is developing faster than ever.

Lee identifies three main drivers for future growth: large-scale asset tokenization on Wall Street, the rapid deployment of AI agents in the blockchain environment, and the expansion of the creator economy. According to Bitmine’s head, these factors create fundamental demand that will inevitably reflect on the price in the future.

Venture Investment and Risk Management

Bitmine is not limited to buying cryptocurrencies. The company actively invests in high-risk projects with multi-fold growth potential. The current portfolio includes:

Beast Industries — a $200 million stake.
Eightco Holdings — a $17 million position.

Split Among Giants: ETHZilla Exits the Race

Despite Bitmine's optimism, other major players prefer to cut their losses. It has been revealed that billionaire Peter Thiel and his Founders Fund have completely liquidated their stake in ETHZilla Corp.

The Failure of the "Copycat" Strategy

ETHZilla attempted to implement a model similar to Strategy's, but with a focus on Ether. However, the prolonged price decline put too much pressure on the organization's balance sheet. According to recent SEC filings, Thiel’s structures, which previously held a 7.5% stake in the company, completely sold off their position on February 18.

Summary: A clear divide is observed in the market. While some giants (Bitmine) use the dip to consolidate power over the Ethereum network, others (Thiel's fund) prefer to minimize risks, doubting the sustainability of the current accumulation tactic.