A crypto investment firm associated with Fundstrat co-founder Tom Lee has increased its Ethereum exposure, purchasing nearly $42 million worth of ETH as prices hovered near recent lows.
Blockchain analytics platform Lookonchain reported on February 7 that the firm acquired roughly 20,000 ETH, citing transaction data tracked by Arkham Intelligence.
The purchase totaled approximately $41.98 million based on market prices at the time.
The transaction comes amid continued weakness across the crypto market, with Ethereum down about 30% over the past month and trading near $2,100 at the time of the report.
Buying continues despite sharp price declines
Ethereum has remained under pressure following a broad risk-off move across digital assets. Prices briefly dipped below $1,900 earlier in the week, marking one of the lowest trading ranges seen in months.
Despite the downturn, Lee has maintained a bullish long-term stance on Ethereum.
In recent remarks, he described volatility as "a feature, not a bug," arguing that the network has endured multiple drawdowns of 60% or more since 2018 while continuing to expand its role within the crypto ecosystem.
🧵🪡
— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) February 6, 2026
Ethereum and Bitcoin and crypto prices have fallen sharply in the past 10 days
- $ETH down -40% and Bitcoin -30%
- crypto sentiment is reflexive
- so there is a lot of “rage quitting”
- and many pundits citing problematic structural and unfixablr reasons for the decline
To… pic.twitter.com/JOb1MMhBTP
Thomas Lee Thoughts on a recent Market Developlemt.
The latest purchase increases BitMine’s Ethereum holdings to roughly 4.29 million ETH, bringing the company closer to its stated long-term goal of controlling around 5% of the network’s circulating supply. On-chain data and blockchain analytics indicate that the firm has already secured more than 70% of that target.
Lee has repeatedly described Ethereum as foundational infrastructure for future financial systems, a view he reiterated as markets reacted to macroeconomic uncertainty and geopolitical tensions.
Staking activity signals long-term positioning
On-chain data indicates that a substantial portion of the firm’s Ethereum holdings is allocated to staking contracts. Staking allows ETH holders to earn protocol rewards in exchange for locking up assets, a strategy typically associated with longer-term positioning rather than short-term trading.
While staking reduces immediate liquidity, it also reflects confidence in the network’s continued operation and upgrade path. Ethereum’s proof-of-stake model has made staking a core component of institutional and large-holder participation since the network’s transition away from mining.
The firm has not publicly disclosed the size of its total Ethereum holdings or any specific accumulation targets.
Macro pressure weighs on crypto markets
The latest purchase took place as global markets reacted to shifting interest-rate expectations and renewed geopolitical developments, factors that have weighed heavily on risk assets.
Crypto prices have struggled to regain momentum under these conditions, even as on-chain activity across Ethereum’s decentralized finance and infrastructure layers has remained relatively stable.
While price volatility has intensified, Ethereum developers have continued work on network upgrades, and transaction activity has not shown signs of structural decline.
Oleksii Shumak
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