BitMine Acquires 60,000 ETH; Chair Discusses Outlook For Ethereum And Crypto Prices

BitMine Immersion Technologies (BMNR), the largest corporate holder of Ethereum (ETH) worldwide, announced on Monday that it had made a significant new purchase of nearly 61,000 ETH. 

BitMine Holds 3.7% Of Total Ethereum Supply

BitMine’s latest transaction, comprising 60,976 Ethereum tokens, marks the company’s largest weekly acquisition in terms of tokens so far in 2026. Following this acquisition, BitMine’s total ETH holdings have risen to 4.5 million tokens.

Notably, BitMine now holds around 3.76% of the total Ethereum supply, positioning itself over 75% of the way toward its ambitious target dubbed the “Alchemy of 5%” within just eight months.

In addition to its cryptocurrency holdings, BitMine disclosed that it has 3,040,483 ETH staked, which is valued at approximately $6 billion based on an ETH price of $1,965 at the time of the company’s disclosure. 

The firm’s total assets, including cash and other cryptocurrencies, have reached $10.3 billion, comprising 4.535 million ETH tokens, $1.2 billion in cash holdings, and various other crypto assets. 

As Ethereum prices stabilize above the crucial $2,000 support level, CEO Tom Lee highlighted the resilience of ETH amidst rising geopolitical tensions and increasing oil prices.

Final Stages Of ‘Mini-Crypto Winter’ 

Lee commented on the current market conditions, expressing confidence that crypto prices are entering the final stages of what he referred to as a “mini-crypto winter.”

Ethereum prices showed resilience this week, in the face of rising war concerns and surging oil prices. We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter.

Lee also noted that ETH price movements are tracking trends observed in the S&P 500 during the falls of 2011 and 1987. According to analyses from BitMine’s advisor, Tom DeMark of DeMark Analytics, these historical connections show correlations of up to 89% and 93% with the S&P 500’s behavior during those periods. 

The analyst also predicts that Ethereum prices are likely to reach their lowest point between 8 and 14 March, potentially dipping just below the recent low of $1,740. This could equate to a decline of around 14% from current trading prices.

Lee also added that BitMine’s strategy involves slightly increasing the pace of its ETH accumulation, enhancing its recent buying activity from an average of 45,000 to 50,000 ETH per week to the latest purchase of 60,976 ETH.

On Monday, Ethereum experienced a 4% gain, allowing the token to reclaim the $2,000 mark after a brief dip below that key level over the weekend. Concurrently, BitMine’s stock, BMNR, also showed positive movement, trading at $20.70 per share at the time of writing, marking a significant 10% rally for the company.

Featured image from OpenArt, chart from TradingView.com