Bitmine, the world’s largest Ethereum treasury, has ramped up its ETH purchases during the latest crypto market correction, making the company’s largest purchase of 2026 so far.
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Bitmine doubles on Ethereum
On Monday, Bitmine Immersion Technologies announced it had purchased more than 126,971 ETH, worth about $214 million, during last week’s dip, which was the Treasury’s largest purchase so far this year.
Now, Bitmine’s crypto and cash holdings at current prices stand at $9.6 billion, consisting of 5,543,872 ETH at $1,630 per ETH, 204 Bitcoin (BTC), a $180 million stake in Beast Industries, an $88 million stake in Eightco Holdings as part of its “Moonshots” initiative, and a total cash value of $247 million.
In a statement, Bitmine Chairman Tom Lee explained that the company saw the recent price drop, which sent Ethereum to a one-year low of $1,505 on Sunday, as a buying opportunity, arguing that Ethereum’s fundamentals are strengthening.
“We have increased our buying as we believe this decline in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising as we are in the early stages of crypto spring,” he said.
Lee argued that the broader crypto market sell-off was a “shallow view” caused more by short-term panic than real weakness. He also confirmed that the recent Zcash Orchard incident strengthens Ethereum’s use case.
AI systems will find flaws in centralized financial services rails and weak decentralized protocols. We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like Ethereum.
Therefore, the Treasury believes that “ETH prices should not come under pressure,” he added. After the latest purchase, the company’s ETH holdings have reached 4.59% of the altcoin’s total supply. Lee expects the company to reach its 5% supply target “sometime in 2026.”
ETH Eyes Key technical level
Despite Bitmine’s continued bet on Ethereum, the king of altcoins has struggled this past week, recovering around 15% and losing February lows for the first time in four months.
Market observer Ash Crypto noted that ETH is repeating a scheme previously seen during the last bear market. “In June 2022, ETH broke through every support level and crashed to $880. Everyone gave up. That turned out to be the exact bottom of the entire bear market,” he wrote.
This time around, Ethereum has recovered 68% of its 2025 peak and breached every support level after losing the 200-week moving average (MA), which is around $2,471. The next key support to watch is now at $1,500, which could determine whether ETH repeats its previous playbook.
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If ETH holds $1,500, the market watcher believes the setup could play out exactly as it did in 2022, leading to a 5x in the next 18 months. On the contrary, if Ethereum loses the $1,500 on the weekly time frame, he suggested that the price could fall all the way to the $1,000 area, where the next major support zone is located.
At the time of writing, ETH is trading at $1,687, up 4.8% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com