Bitmine has made its biggest Ethereum (ETH) purchase of the year during the recent market dip, reinforcing the company’s positive outlook on the leading altcoin and its ongoing strategy of accumulating more.
Related Reading: Bitcoin At A Crossroads: Two Key Levels Will Define BTC’s Next Major Move, Analyst Says
### Bitmine Steps Up Ethereum Buying
On Tuesday, Bitmine Immersion Technologies—the world’s largest Ethereum treasury—announced its largest purchase since December 2025, acquiring roughly $238 million in ETH over the past week. In its latest update, the company said it bought 111,942 ETH during the recent market pullback, which pushed the price of the leading altcoin below $2,200.
Bitmine’s Chairman, Tom Lee, said last week’s correction was “an attractive opportunity” to grow the company’s holdings.
“We continue to expect a supercycle ahead for crypto and Ethereum, driven by Wall Street tokenization and agentic AI. So we keep steadily buying ETH, and Bitmine now owns nearly 5.4 million ETH tokens,” Lee stated.
At current prices, the company’s crypto and cash holdings have reached $12.3 billion. This includes 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 its “Moonshots” initiative, and $444 million in cash.
This latest purchase brings Bitmine’s Ethereum holdings closer to its goal of controlling 5% of ETH’s total supply of 120.7 million. It now holds 4.47% of the supply, reaching 89% of its target in just 11 months. As a result, “Bitmine is expected to reach the ‘alchemy of 5%’ sometime in 2026,” the chairman confirmed.
Additionally, the company revealed that 4,712,917 ETH of its holdings—worth about $10.1 billion—have been staked. Lee also noted that, “At scale (when Bitmine’s ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $276 million annually (using a 2.75% 7-day BMNR yield).”
### Analysts Eye $1,850 Support
Recently, Lee suggested that Ethereum could rally to new highs by the end of the year, based on his belief that the “crypto winter is over” and a recovery rally could happen in the coming months. However, some market observers warn that a long-term bullish rally is unlikely this year.
In an X post, analyst Ali Martinez pointed out that ETH has been trading within a broad, multi-year range since 2021. After falling back to the lower half of that range earlier this year, the altcoin recently faced a “clean rejection at the mid-range of this structure,” which also coincided with a rejection from the 200-week Simple Moving Average (SMA), signaling weakness.
Related Reading: XRP, ETH, SOL, LINK Look Cheap—The Catalysts That Could Drive The Next Leg Up
As the price fails to reclaim this area, the analyst noted that the most critical level to hold is $1,850. A weekly close below this support would likely trigger a faster decline. He suggested this could create a great opportunity for investors, based on the MVRV Pricing Band:
> Right now, the highly watched 0.8 MVRV Pricing Band is sitting right around $1,850. Historically, whenever Ethereum drops below the 0.8 MVRV band, the move doesn’t last very long. (…) History shows that this exact zone represents a high-probability macro accumulation window that builds the ultimate foundation for the next major bull market.
Finally, he said that to invalidate the bearish scenario, ETH would need two clear triggers: reclaiming the 200-week SMA, which is around $2,500, and a clean break above the 50-week SMA, which is around $3,100.
Featured Image from Unsplash.com, Chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about BitMine holding nearly 45 of all Ethereum supply written in a natural conversational tone
Frequently Asked Questions
1 Wait who is BitMine
BitMine is a large cryptocurrency mining and investment firm They own a lot of computing power and also buy digital assets like Ethereum directly
2 What does it mean that they hold 45 of all Ethereum
It means that out of every 100 Ethereum coins that exist BitMine owns about 45 of them Thats a very large chunk for a single company
3 How much did they spend to get that amount
They recently bought roughly 238 million worth of Ethereum to reach that number
4 Is 45 a big deal
Yes its a huge deal It gives BitMine significant influence over the market If they decide to sell a large portion it could temporarily lower the price If they keep buying it can push the price up
5 Does this mean BitMine controls Ethereum
No Ethereum is decentralized meaning no single company or person controls the network itself However BitMine now has a very loud voice in the market and could influence investor sentiment
6 Why would they buy so much Ethereum
Most likely they believe the price will go up in the long run Its a bet on the future of the Ethereum network They might also use it for staking to earn rewards
7 Should I sell my Ethereum because of this
Not necessarily A big holder can cause shortterm price swings but it doesnt change the fundamentals of Ethereum Its a good reminder to not panic over one event Do your own research
8 Is this good or bad for regular investors
Its a mixed bag
Good It shows bigmoney confidence in Ethereum which can attract more investors
Bad It creates a risk of centralization where a few big players can move the market If BitMine ever gets into trouble they might be forced to sell causing a price drop