Bitmine Immersion Technologies says it has made its largest Ethereum purchase of 2026, adding more ETH during the latest market correction.
Bitmine’s biggest 2026 buy, in numbers
Bitmine announced on Monday that it bought over 126,971 ETH worth roughly $214 million during last week’s dip. In the same update, the company said the ETH was purchased as prices fell to a one-year low of $1,505 on Sunday.
At current prices, Bitmine’s crypto and cash holdings total $9.6 billion. The breakdown in the company’s disclosure includes 5,543,872 ETH valued at $1,630 per ETH, 204 Bitcoin (BTC), a $180 million stake in Beast Industries, an $88 million stake in Eightco Holdings tied to its “Moonshots” initiative, and total cash of $247 million.
Bitmine also put a supply-markers stake in the ground. After this purchase, its ETH holdings represent 4.59% of altcoin total supply. Tom Lee said the firm aims to reach a 5% supply goal “sometime in 2026.”
Tom Lee’s case for buying into weakness
In a statement, Bitmine Chairman Tom Lee said the firm viewed the pullback as a buying opportunity rather than a signal that Ethereum’s core outlook is deteriorating. Lee framed the move as counter to a selloff he called a “superficial take,” driven more by short-term panic than by genuine weakness in underlying fundamentals.
Lee also pointed to “crypto spring” as a timing explanation, saying the market is in the early stages. He added that the recent Zcash Orchard incident strengthens Ethereum’s use case, with a specific argument aimed at AI and finance.
The logic in Lee’s comments goes like this. AI systems will expose flaws in centralized financial rails and weak decentralized protocols. That, he said, strengthens the case for “hardened and reliable decentralized blockchains like Ethereum,” which he argued should not face sustained downward pressure based on fundamentals.
hardened and reliable decentralized blockchains like Ethereum,
Lee did not claim prices are guaranteed to rise. He argued for a mismatch between sentiment and fundamentals, and for why a long-lived decentralized product can attract more demand even after sharp dips.
ETH technicals: $1,500 becomes the fork in the road
Even with Bitmine adding to its position, Ethereum has had a rough week. The report says ETH retraced roughly 15% and lost February lows for the first time in four months.
Market observer Ash Crypto says the current chart behavior resembles a previous bear-market pattern. In June 2022, Ash Crypto wrote, ETH broke through “every support level” and crashed to $880, with many participants giving up. Ash Crypto called that the exact bottom of the bear market.
This time, Ash Crypto claims ETH has retraced 68% from its 2025 peak and broken through every support level after losing the 200-week Moving Average (MA), around $2,471.
The immediate level to watch is $1,500. Ash Crypto says that if ETH holds $1,500 on a weekly timeframe, the setup could play out “exactly like in 2022,” which he tied to a 5x move over the next 18 months. If ETH loses $1,500, Ash Crypto suggested price could fall toward the $1,000 area, described as the next major support zone.
As of the report’s writing, ETH traded at $1,687, up 4.8% on the daily timeframe.
What to watch next
Bitmine’s decision is straightforward on the surface. It is still buying during dips, and it is measuring progress in percentages of circulating supply. The harder question is whether the market treats those purchases as confidence or just another portfolio action during volatility.
For Ethereum holders, the report’s own setup points to a near-term checkpoint. $1,500 is the line Ash Crypto singled out, with weekly confirmation framed as the deciding factor.
| Item | Detail | Source |
|---|---|---|
| Bitmine purchase size | 126,971+ ETH | NewsBTC citing Bitmine Immersion Technologies |
| Purchase value | Roughly $214 million | NewsBTC citing Bitmine |
| One-year low cited | $1,505 on Sunday | NewsBTC |
| ETH holdings after purchase | 5,543,872 ETH | NewsBTC citing Bitmine |
| Total holdings value | $9.6 billion at current prices | NewsBTC citing Bitmine |
| ETH share of altcoin supply | 4.59% | NewsBTC citing Bitmine statement |
| 2026 goal | Reach 5% supply “sometime in 2026” | NewsBTC citing Tom Lee |
| Cash holdings | $247 million | NewsBTC citing Bitmine |
| Key ETH technical level | $1,500 support watch | NewsBTC citing Ash Crypto |
| Current ETH price in report | $1,687 | NewsBTC |