Bitmine, the world’s largest Ethereum treasury, ramped up its purchases of ETH during the cryptocurrency market’s recent correction, making it the company’s largest purchase of 2026 so far.
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Bitmine doubles on Ethereum
On Monday, Bitmine Immersion Technologies Announce It purchased more than 126,971 Ethereum, worth approximately $214 million, during last week’s decline, marking the treasury’s largest purchase so far this year.
Now, Bitmine’s cryptocurrency and cash holdings are worth $9.6 billion at current prices, 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 the “Moonshots” initiative, and a total of $247 million in cash.
In a statement, Bitmine Chairman Tom Lee explained that firm He saw the recent price decline, which sent Ethereum to a one-year low of $1,505 on Sunday, as a buying opportunity, with the argument that Ethereum’s fundamentals are strengthening.
“We have increased our purchases because we believe this decline in ETH prices does not reflect strengthening Ethereum fundamentals. This is not surprising given that we are in the early stages of a crypto spring,” he said.
Lee claimed that the broader sell-off in the cryptocurrency market was a “superficial acceptance” and was driven more by short-term panic than real weakness. He also confirmed that the latter The Cash Orchard incident Strengthens the use case for Ethereum.
AI systems will find flaws in centralized financial services paths and weak decentralized protocols. We believe this actually strengthens the use case and product market for robust and reliable decentralized blockchains like Ethereum.
He added that Treasury believes that “ethereum prices should not be under pressure.” Following the recent purchase, the company’s holdings of ETH reached 4.59% of the total altcoin supply. Lee expects the company to reach the 5% supply target “sometime in 2026.”
ETH eyes key technical level
Despite Bitmine’s continued bet on Ethereum, the altcoin king has struggled over the past week, falling nearly 15% and missing its February lows for the first time in four months.
Ash Crypto Market Monitor male That ETH repeats the setup seen before during the recent bear market. “In June 2022, ETH broke all support levels and dropped to $880. Everyone gave up on it. This turned out to be the exact bottom of the entire bear market,” he wrote.
This time, Ethereum got… Retrieved 68% from its peak in 2025 and broke through all support levels after losing the 200-week moving average (MA), which is located around $2,471. Now, the next major support to watch is at $1,500, which could determine whether ETH will repeat the previous playbook.
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If ETH had $1,500, the market watcher believes the setup could take place exactly as it does in 2022, resulting in a 5x increase over the next 18 months. Conversely, if Ethereum loses the $1,500 level in the weekly time frame, it indicated that the price may fall to the $1,000 area, where the next major support area is located.
As of this writing, ETH is trading at $1,687, an increase of 4.8% on the daily time frame.
Featured image from Unsplash.com, chart from TradingView.com
