BitMine Adds Ethereum Despite Huge Unrealized Capital Losses

Chairman Tom Lee and BitMine Immersion Technologies acquired 45,759 Ethereum last week to fortify their gargantuan $8.68 billion digital treasury. This aggressive accumulation persists despite the firm sitting on a staggering $7.9 billion underwater position today.

The tactical purchase transpired on 17 February 2026 across global liquidity venues as Ethereum prices languished 60% below their previous historical peaks. These transactions occurred amidst a "mini-winter" characterized by profound investor dejection and rock-bottom sentiment.

Leadership enacted this specific expansion because they envision 2026 as a defining year driven by institutional tokenization and autonomous AI agents. Management maintains that Ethereum’s neutral architecture and flawless uptime will inevitably capture a dominant global market share.

The enterprise utilizes its $670 million cash reserve to purchase assets regardless of current price trends to secure long-term protocol exposure. Consequently, the firm now commands 4.37 million tokens in its Ethereum treasury while simultaneously investing in emerging human verification standards.

Dragonfly Closes $600 Million For 4th Crypto Venture Fund

Dragonfly Capital finalized its fourth venture fund this Tuesday by raising $650 million for new crypto investments. Managing partner Haseeb Qureshi announced the close during a period of extreme market gloom and declining retail sentiment. This specific vehicle targets institutional payment rails and stablecoin infrastructure to back founders at the center of the next cycle.

The crypto VC firm previously sought $500 million for this vintage but exceeded that goal due to strong investor demand. Dragonfly recently led a $75 million funding round for the payments network Mesh and a $36 million Series A for Conduit. These strategic allocations highlight a major bet that onchain privacy and tokenization will drive the next wave of global growth.

ZeroLend Shuts Down Amid Significant Liquidity Pressures

Decentralized lending platform ZeroLend announced on Tuesday that it will wind down operations after three years of development. The team cited a failure to generate sustainable revenue as liquidity dried up across several supported Ethereum Layer 2 networks. Consequently, the protocol’s native ZERO token plummeted 45% within 24 hours to a price of roughly $0.067.

Co-founder Ryker noted that infrastructure challenges and rising security risks made it difficult to operate safely across fragmented chains. The platform previously raised $3 million in a seed round but struggled as oracle providers discontinued essential price feeds. Users are now urged to withdraw their remaining funds as the protocol disables borrowing to ensure an orderly closing process.

David Bailey’s Nakamoto To Acquire Media Giant BTC Inc

David Bailey’s Bitcoin treasury company Nakamoto entered a definitive agreement this Tuesday to acquire the media firm BTC Inc. This all-stock transaction is valued at approximately $107.3 million based on the recent closing price of NAKA common stock. The deal includes Bitcoin Magazine and the popular Bitcoin Conference series to provide the parent firm with recurring media earnings.

Nakamoto also exercised a call option to purchase UTXO Management to expand its institutional asset management and advisory capabilities. Chairman David Bailey stated that this merger advances his vision of building a diversified ecosystem of Bitcoin-native enterprises. The combined entity intends to leverage these established distribution networks to support further Bitcoin accumulation and long-term corporate growth.

Data of the Day

Ethereum’s tokenized real-world asset market climbed over 300% this year to reach a total value of $17 billion. Large financial institutions like BlackRock and JPMorgan are driving this expansion by bringing traditional money-market funds onto the public blockchain. This surge reinforces the network’s role as the primary settlement layer for dollar-denominated assets and short-term government securities.

BlackRock’s flagship BUIDL fund has grown into the largest tokenized Treasury vehicle since its official launch via Securitize. Recent data shows that Ethereum now accounts for 34% of all onchain asset value across the broader cryptocurrency ecosystem. Analysts project that the RWA sector could eventually reach $2 trillion by 2028 as more commodities and private credit markets move onchain.

More Breaking News

• Michael Saylor's Strategy purchased 2,486 Bitcoin for $168 million last week, increasing its total holdings to 717,131 BTC at an average cost of $76,027.
• TRM Labs research found that Monero usage remains elevated despite exchange delistings, with nearly half of new darknet markets supporting only XMR.
• The CFTC defended its jurisdiction over prediction markets, filing a brief for Crypto.com and warning state regulators that it will fight in court.
• Gemini announced the departure of three top executives, including its COO and CFO, as co-founder Cameron Winklevoss assumes additional revenue-generating responsibilities.
• X product head Nikita Bier clarified that upcoming Smart Cashtags will provide financial data tools without X facilitating direct cryptocurrency trade execution.
• Binance manages 65% of centralized exchange stablecoin liquidity, holding $47.5 billion in reserves as outflows across the broader industry begin to stabilize.
• A.J. Scaramucci purchased a rare Pokémon card from Logan Paul for a record $16 million, following legal controversy surrounding the asset's previous tokenization.
• Poland’s president vetoed a second crypto bill, causing local firms to seek MiCA licenses abroad due to an absence of domestic regulation.

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