Bitmine made its largest purchase of Ethereum (ETH) of the year during the recent market decline, reaffirming the company’s bullish outlook on the leading altcoin and its continued accumulation strategy.
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Bitmine is increasing its purchases of Ethereum
On Tuesday, Bitmine Immersion Technologies, the world’s largest Ethereum treasury,… Announce It is its largest purchase since December 2025, as it acquired nearly $238 million worth of ETH over the past week.
In its latest update, the company shared that it purchased 111,942 ETH during the recent market pullback, sending the King of Altcoins below $2,200. Tom Lee, Chairman of Bitmine, emphasized that last week’s correction represented an “attractive opportunity” to increase the company’s holdings.
“We continue to expect a future supercycle for cryptocurrencies and Ethereum, driven by the dual drivers of Wall Street tokenization and proxy AI. Hence, we continue to acquire ETH steadily, with Bitmine now holding approximately 5.4 million ETH tokens,” Lee stated.
Now, the company’s cryptocurrencies and fiat Collectibles The value of ETH has 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 the “Moonshots” initiative, and a total of $444 million in cash.
The latest purchase pushed BitMine’s Ethereum holdings closer to its goal of controlling 5% of ETH’s supply of 120.7 million, reaching 4.47% of supply, or 89% of its goal, in just 11 months. As a result, “Bitmine is expected to reach ‘5% chemistry’ sometime in 2026,” the chairman confirmed.
In addition, a company It revealed that 4,712,917 ETH of its holdings had been staked, worth about $10.1 billion. Lee also shared that “at scale (when MAVAN and partners acquire a full stake of ETH from Bitmine), the expected ETH collection reward is $276 million per year (using a 7-day BMNR return of 2.75%).”
Analysts are eyeing $1,850 support
Recently, me Suggested That Ethereum could rise towards new highs by the end of the year, based on his belief that the “crypto winter is over” and a recovery could occur over the coming months.
However, some market watchers have warned that a long-term upward rally is unlikely this year. In X’s post, analyst Ali Martinez highlighted that ETH has been trading within a broad multi-year range since 2021.
After retreating to the lower half of the channel earlier this year, the altcoin recently faced “clear rejection at the middle range of this structure,” which coincided with rejection of the 200-week simple moving average (SMA), indicating weakness.
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As the price failed to recover this area, the analyst pointed this out more than others Very important The level to hold remains at $1,850, showing that a weekly close below this support will likely lead to an acceleration of the downtrend. He suggested that this could open up a great opportunity for investors, based on MVRV’s pricing range:
Currently, the much-seen 0.8 MVRV pricing range sits at around $1,850. Historically, when Ethereum price drops below the 0.8 MVRV range, the move does not last for very long. (…) History shows that this particular area represents a high probability macro accumulation window that builds the ultimate foundation for the next major bull market.
Finally, he emphasized that in order to negate the bearish scenario, ETH would need two clear catalysts: a retrieval of the 200-week SMA, which is near $2,500, and a clear breakout above the 50-week SMA near $3,100.
Featured image from Unsplash.com, chart from TradingView.com
