BitMine Expands Ethereum Holdings with Major Purchase
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On Monday, BitMine Immersion Technologies (BMNR), recognized as the largest corporate owner of Ethereum (ETH) globally, publicized a substantial acquisition of close to 61,000 ETH. This latest addition highlights BitMine’s aggressive strategy in the cryptocurrency market.
The new transaction, which involved 60,976 ETH, represents the firm’s most significant weekly purchase of tokens for 2026. With this acquisition, the company’s total Ethereum reserve has grown to 4.5 million tokens.
Currently, BitMine controls approximately 3.76% of the entire Ethereum supply, placing it in proximity to its ambitious milestone known as the “Alchemy of 5%.” This remarkable achievement is on track to be met within a mere eight months.
In conjunction with its ETH holdings, BitMine revealed that 3,040,483 ETH are staked, valued near $6 billion based on the current ETH price of $1,965. The firm’s overall asset portfolio now totals around $10.3 billion, which includes 4.535 million ETH tokens, $1.2 billion in cash, and various other cryptocurrency assets.
With Ethereum prices stabilizing above the essential $2,000 threshold, CEO Tom Lee emphasized the strength of ETH in light of escalating geopolitical challenges and rising oil prices.
Lee expressed optimism regarding the cryptocurrency landscape, suggesting that the market is nearing the conclusion of what he terms a “mini-crypto winter.” He noted that Ethereum’s resilience this week persisted despite global uncertainties and increasing oil costs.
Lee remarked that Ethereum has demonstrated a strong performance amid rising wartime concerns and fluctuating oil prices, indicating a belief in the nearing end of the “mini-crypto winter.”
He also observed that ETH price trends are reflecting movements seen in the S&P 500 during the downturns of 2011 and 1987. According to insights from BitMine’s advisor, Tom DeMark, the correlation with the S&P 500 during those historical periods is striking, with connections reaching up to 93%.
DeMark forecasts that Ethereum prices may hit their lowest point between March 8 and 14, potentially dipping below the recent low of $1,740, suggesting a possible 14% decline from current levels.
In light of this outlook, Lee confirmed that BitMine plans to enhance its rate of ETH accumulation, increasing its average weekly purchases from roughly 45,000 to 50,000 ETH to the latest figure of 60,976 ETH.
This week, Ethereum witnessed a 4% increase, enabling the cryptocurrency to surpass the $2,000 mark after previously slipping below that critical level. Simultaneously, BitMine’s stock, BMNR, reacted positively, trading at $20.70 per share, reflecting a 10% rise.
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