Bitmine Immersion Technologies expanded its Ethereum holdings during last week’s market sell-off, acquiring 126,971 ETH for roughly $214 million and marking its largest purchase of 2026 so far. The company now holds 5.54 million ETH, or about 4.59% of the total supply, and aims to reach 5% sometime in 2026, it said.
Largest 2026 Buy and Treasury Breakdown
Bitmine, which describes itself as the world’s largest Ethereum treasury, disclosed on Monday that it bought 126,971 ETH during the recent price dip that sent Ether to a one-year low of $1,505 on Sunday. At current prices, the firm said its combined crypto and cash holdings total approximately $9.6 billion. That figure includes:
- 5,543,872 ETH (valued by the company at about $1,630 per ETH)
- 204 BTC
- A $180 million stake in Beast Industries
- An $88 million stake in Eightco Holdings via its “Moonshots” initiative
- $247 million in cash
“Buying the Dip” Rationale
Chairman Tom Lee said the firm accelerated purchases because it views the pullback as disconnected from Ethereum’s underlying fundamentals.
“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring,” Lee said.
Lee characterized the broader crypto sell-off as driven by short-term panic rather than structural weakness. He also argued that recent security issues elsewhere in the crypto ecosystem — referencing a Zcash Orchard incident — highlight the need for “hardened and reliable decentralized blockchains like Ethereum,” adding that advances in AI will expose flaws in centralized rails and weaker protocols. “Therefore, ETH prices should not be coming under pressure,” he said.
Supply Target and Market Context
Following the latest purchase, Bitmine estimates its ETH holdings represent about 4.59% of Ether’s circulating supply. The company expects to meet its 5% supply target in 2026, depending on market conditions and issuance dynamics. Large, price-insensitive treasuries can influence available float and liquidity, potentially affecting market structure during periods of stress or recovery.
ETH Technical Levels in Focus
Despite renewed accumulation from Bitmine, Ethereum has struggled in recent sessions. The second-largest cryptocurrency by market capitalization fell roughly 15% over the past week, losing the 200-week moving average near $2,471 and revisiting the $1,500 area.
Market observer Ash Crypto noted that ETH is repeating a setup seen during the last bear market. In June 2022, ETH broke through multiple support levels before bottoming near $880, a move that preceded a multi-quarter recovery. He suggested $1,500 is the next key support to watch; holding that level could mirror the prior cycle’s rebound, while a weekly close below it could open a move toward the $1,000 area where the next major support zone sits.
As of press time, ETH is trading around $1,687, up approximately 4.8% over the past 24 hours.