Bitmine made its largest Ethereum (ETH) purchase of the year during the recent market dip, reaffirming the company’s bullish outlook on the leading altcoin and continued accumulation strategy.
Related reading
Bitmine increases Ethereum purchases
On Tuesday, Bitmine Immersion Technologies, the world’s largest Ethereum treasury, announced it is the largest purchase since December 2025, after acquiring around $238 million worth of ETH last week.
In the latest update, the company shared that it purchased 111,942 ETH during the recent market pullback, pushing the King of Altcoins below $2,200. Bitmine chairman Tom Lee confirmed that last week’s correction was “an attractive opportunity” to increase the company’s holdings.
“We continue to expect a super cycle for crypto and Ethereum, driven by the twin drivers of Wall Street tokenization and agentic AI. And so we continue to steadily acquire ETH, with Bitmine now owning nearly 5.4 million ETH tokens,” Lee said.
Now, the company’s crypto and cash holdings have reached $12.3 billion at current prices, consisting of 5,390,404 ETH at $2,134 per token, 203 Bitcoin (BTC), a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings as part of its “Moonshots” initiative, and a total cash value of $444 million.
The latest purchase has brought BitMine’s Ethereum holdings closer to its goal of controlling 5% of the 120.7 million ETH supply, reaching 4.47% of the supply, 89% of its target, in just 11 months. As a result, “Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026,” the chairman confirmed.
Additionally, the company announced that 4,712,917 ETH of its holdings, worth approximately $10.1 billion, have been staked. Lee also shared that: “At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the expected ETH staking reward is $276 million per year (when using a 7-day BMNR yield of 2.75%).”
Analysts are looking at support at $1,850
Recently, Lee suggested that Ethereum could soar to new highs by the end of the year, based on his belief that the “crypto winter is over” and that a recovery rally could take place in the coming months.
However, some market observers have warned that a long-term bullish rally is unlikely this year. In an X post, analyst Ali Martinez highlighted that ETH has been trading within a wide, multi-year range since 2021.
After falling back to the bottom half of the channel earlier this year, the altcoin recently faced a “clean rejection in the middle of this structure,” coinciding with a rejection by the 200-week Simple Moving Average (SMA), indicating weakness.
Related reading
With the price failing to reclaim this area, the analyst noted that the most critical level to hold remains $1,850, explaining that a weekly close below this support would likely trigger downward acceleration. He suggested that this could present a great opportunity for investors, based on the MVRV price band:
Currently, the much-watched 0.8 MVRV price band is around $1,850. Historically, when Ethereum falls below the 0.8 MVRV band, the move does not last very long. (…) History shows that this exact zone represents a high probability macro accumulation period that lays the ultimate foundation for the next great bull market.
Finally, he confirmed that to negate the bearish scenario, ETH would need two clear triggers: a callback of the 200-week SMA, which is around $2,500, and a clean break above the 50-week SMA around $3,100.
Featured image from Unsplash.com, chart from TradingView.com