Key Highlights:
- Bitmine purchased 10,000 ETH for $19.5 million, raising total holdings to 4.37 million ETH.
- Ethereum price trades at $1,965.30 after dipping to $1,920 and fluctuating between $1,920 and $1,960.
- The Ethereum monthly chart shows a repeated double-bottom structure similar to the 2019–2020 cycle.
During today’s Asian trading session, Ethereum opened its market at a price value of $1948. This price followed a changing trend, adding gains to 24-hour market performance, which reduced its earlier losses. Despite trading below its 24-hour high, institutional purchases were reported as Bitmine accumulated 10,000 ETH for $19.5 million.
Bitmine Doubles Down on Ethereum With Fresh 10K Buy
According to a post on X by Lookonchain, Bitmine expanded its Ethereum treasury with a fresh purchase of 10,000 ETH valued at about $19.5 million. The acquisition came through Kraken and increased its total holdings to 4.37 million ETH, representing about 3.6% of the network’s circulating supply. Although the company faces nearly $8 billion in unrealized losses, Chairman Tom Lee described the drawdown as strategic, citing confidence in Ethereum’s long-term recovery trajectory.
It seems that Tom Lee(@fundstrat)’s #Bitmine bought another 10,000 $ETH($19.49M) from Kraken 2 hours ago.https://t.co/HoRanTVuouhttps://t.co/c2dIZWE0W2 pic.twitter.com/0z9frBlTlQ
— Lookonchain (@lookonchain) February 20, 2026
Referencing an announcement that was made on February 17, Bitmine also holds 193 Bitcoin, a $200 million stake in Beast Industries, a $17 million position in Eightco Holdings, and $670 million in cash. More than 3 million ETH remain staked, generating $176 million in annualized rewards, with potential staking revenue projected at $252 million once fully deployed through MAVAN.
Chairman Thomas “Tom” Lee said 2026 could become a defining year for Ethereum, citing tokenization on Wall Street, AI-driven payments and verification, and creator adoption of proof-of-human standards on Ethereum Layer 2 networks. He added that Bitmine acquired 45,759 ETH in the past week and continues purchasing regardless of price trends. Bitmine is the biggest Ethereum treasury in the world and the second-largest crypto treasury after Strategy Inc.
Ethereum Price at $1,965 Amid 0.18% Daily Decline
At the time of press, CoinMarketCap data reveals that ETH is trading at $1,965.30, with a 0.18% decrease in the last 24 hours. The price chart shows the price reaching a high near $1,979.
A decline followed, pushing Ethereum toward the $1,940 range. The downward move continued, touching levels close to $1,920. Price later rebounded toward $1,950 but failed to hold that level.
The chart records repeated fluctuations between $1,920 and $1,960. Several short-lived recoveries occurred within this range. A sharp dip briefly drove the Ethereum price below $1,940 again as the market moved back toward the $1,960 zone.
Is This Historical Double Bottom Pattern Behind ETH’s New Buys?
Despite the ongoing market volatility, market analysts have hinted at a bullish move, strengthening the broader Ethereum outlook. According to Trader Tardigrade’s observation, the monthly ETHUSD chart shows a recurring multi-year bottoming pattern. In 2018, the price declined sharply after a prior peak.
During 2019, Ethereum formed an initial deep retracement before stabilizing. In 2020, prices recorded two consecutive dips at similar levels. Following that structure, Ethereum entered a strong upward expansion into 2021.
The Ethereum price chart later shows a broad correction after the 2021 peak. The price trended lower through 2022 and consolidated in 2023. In 2024, Ethereum recorded another pronounced decline resembling the earlier cycle.
During 2025 and into 2026, the price formed two comparable troughs within a wide range. After these repeated formations, the price began climbing steadily. The structure mirrors the earlier 2019–2020 sequence on the monthly timeframe. Historical movement shows consolidation phases preceding sharp advances.
