Bitmine Makes Largest Ethereum Purchase Of 2026 As Tom Lee Dismisses Market Selloff
Bitmine, the world’s largest Ethereum treasury, has ramped up its ETH shopping for in the course of the newest crypto market correction, making the corporate’s largest buy of 2026 up to now.
Bitmine Doubles Down On Ethereum
On Monday, Bitmine Immersion Technologies announced it had purchased over 126,971 ETH, price roughly $214 million, throughout final week’s dip, marking the treasury’s largest buy thus far this 12 months.
Now, Bitmine’s crypto and money holdings sit at $9.6 billion at present costs, 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 a part of its “Moonshots” initiative, and whole money price $247 million.
In a press release, Bitmine’s Chairman, Tom Lee, defined that the firm noticed the latest value dip, which despatched Ethereum to a one-year low of $1,505 on Sunday, as a shopping for alternative, arguing that Ethereum’s fundamentals are strengthening.
“We elevated our purchasing as we imagine this pullback in ETH costs doesn’t mirror the strengthening of Ethereum fundamentals. This isn’t a surprise given we’re within the early levels of crypto spring,” he stated.
Lee argued that the broader crypto market sell-off was a “superficial take,” pushed extra by brief‑time period panic than by actual weak spot. He additionally affirmed that the latest Zcash Orchard incident strengthens Ethereum’s use case.
AI techniques are going to search out flaws in centralized monetary companies rails and weak decentralized protocols. We imagine this really strengthens the use case and product market match for hardened and dependable decentralized blockchains like Ethereum.
Therefore, the treasury agency believes that “ETH costs shouldn’t be coming underneath stress,” he added. After the most recent buy, the agency’s ETH holdings have reached 4.59% of the altcoin’s whole provide. Lee expects the corporate to succeed in its 5% provide aim “someday in 2026.”
ETH Eyes Key Technical Level
Despite Bitmine’s steady guess on Ethereum, the king of altcoins has struggled over the previous week, retracing roughly 15% and shedding the February lows for the primary time in 4 months.
Market observer Ash Crypto noted that ETH is repeating a setup that was seen as soon as earlier than over the last bear market. “Back in June 2022, ETH broke by way of each help stage and crashed to $880. Everyone gave up on it. That turned out to be the precise backside of the entire bear market,” he wrote.
This time, Ethereum has retraced 68% from its 2025 peak and damaged by way of each help stage after shedding the 200-week Moving Average (MA), which sits round $2,471. Now, the following key help to observe is at $1,500, which might decide whether or not ETH repeats its earlier playbook.
If ETH holds $1,500, the market watcher believes that the setup might play out precisely like in 2022, which led to a 5x over the following 18 months. On the opposite, if Ethereum loses the $1,500 within the weekly timeframe, he urged the value might fall all the way in which to the $1,000 space, the place the following main help zone is positioned.
As of this writing, ETH is buying and selling at $1,687, a 4.8% enhance within the every day timeframe.