Bitmine, the world’s largest Ethereum treasury, has ramped up its ETH buying during the latest crypto market correction, making the company’s largest purchase of 2026 to date.
Bitmine Doubles Down On EthereumNow, Bitmine’s crypto and cash holdings sit at $9.6 billion at current prices, comprised 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 total cash worth $247 million.
“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring,” he said.
AI systems are going to 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 firm believes that “ETH prices should not be coming under pressure,” he added. After the latest purchase, the firm’s ETH holdings have reached 4.59% of the altcoin’s total supply. Lee expects the company to reach its 5% supply goal “sometime in 2026.”
ETH Eyes Key Technical LevelDespite Bitmine’s continuous bet on Ethereum, the king of altcoins has struggled over the past week, retracing roughly 15% and losing the February lows for the first time in four months.
If ETH holds $1,500, the market watcher believes that the setup could play out exactly like in 2022, which led to a 5x over the next 18 months. On the contrary, if Ethereum loses the $1,500 in the weekly timeframe, he suggested the price could fall all the way to the $1,000 area, where the next major support zone is located.
As of this writing, ETH is trading at $1,687, a 4.8% increase in the daily timeframe.
