As Ethereum retests a key support level, Bitmine, the world’s second-largest crypto treasury, has announced a major new ETH purchase, moving the company closer to its ultimate goal.
Bitmine Hits 4% ETH Milestone
On Monday, Bitmine Immersion Technologies, the largest Ethereum treasury globally, announced it reached a significant milestone after purchasing approximately $157 million worth of ETH over the past week. The company’s latest update revealed it acquired 71,524 ETH, marking its fastest buying pace since the week of December 22, 2025.
Bitmine’s Chairman, Tom Lee, stated that the treasury “has maintained this increased pace of ETH purchases over the past four weeks, as our base case is that ETH is in the final stages of a ‘mini-crypto winter.'” The company has notably increased its bets on the leading altcoin over the past month, significantly raising its average weekly purchase from the previous range of 45,000-50,000 ETH.
The company’s combined crypto and cash holdings now total $11.8 billion at current prices. This includes 4,874,858 ETH, 198 Bitcoin (BTC), a $200 million stake in Beast Industries, an $85 million stake in Eightco Holdings as part of its “Moonshots” initiative, and $719 million in unencumbered cash.
Crucially, Bitmine’s Ethereum holdings now represent 4% of the total ETH supply. This is a key step toward the company’s goal of controlling 5% of the leading altcoin’s 120.7 million supply, a target that is now 81% complete.
Last week, the treasury firm also announced its uplisting from the NYSE American to the New York Stock Exchange (NYSE) on April 9, 2026, and the expansion of its share repurchase program to $4 billion.
Ethereum Starts Q2 Positively
In the weekly update, Lee also commented on ETH’s performance amid ongoing geopolitical tensions, noting that “this conflict remains the most important driver of global markets.” He highlighted that “ETH is now the best-performing asset since the start of the war, with a 17.4% gain, outperforming the S&P 500 by 1,830 basis points. We believe ETH beating gold by 2,743 basis points demonstrates it is becoming a wartime store of value.”
“Ethereum continues to benefit from the dual tailwinds of Wall Street adopting blockchain tokenization and the growing need for public, neutral blockchains from agentic AI systems,” he added.
Market observer Daan Crypto Trades pointed out that Ethereum has started the quarter “slightly in the green,” with a 3.7% increase Quarter-to-Date (QTD), according to CoinGlass data. The trader noted that this quarter “is generally the best for Ethereum, together with Q1,” as it has ended positively eight out of ten times, with average and median returns of 58.3% and 15.3%, respectively.
Meanwhile, crypto analyst Ted Pillows observed that ETH has returned to its $2,150-$2,200 support zone after the weekend’s price increase. According to the analysis, if this zone holds, Ethereum could rally back above $2,250 and potentially move toward last month’s high near $2,400. However, a warning was issued about a potential drop if bullish momentum falters.
“We’ve seen that historical price action hasn’t really favored Crypto over the past year, so take everything with a grain of salt,” Daan cautioned.
Frequently Asked Questions
Of course Here is a list of FAQs about Bitmines significant Ethereum purchase designed to be clear and helpful for a range of audiences
Beginner General Questions
1 What exactly did Bitmine do
Bitmine a cryptocurrency mining company purchased a large amount of Ethereum They bought 71524 ETH which now represents 4 of all the Ethereum that currently exists
2 What does 4 of the total supply mean
It means that out of every 100 ETH coins in circulation Bitmine now owns about 4 of them Its a very large concentrated holding for a single company
3 Why is this a big deal or a milestone
Its a milestone because its highly unusual for one entity to control such a large percentage of a major cryptocurrency like Ethereum It shows massive institutional confidence and can significantly influence the market
4 Where did they get the money to buy all that ETH
As a mining company Bitmine likely used profits from its mining operations to fund this purchase
5 Is this good or bad for Ethereum
It has pros and cons It can be seen as good because it shows strong belief in Ethereums longterm value However some see it as a risk because one company now holds significant power over the market
Intermediate Market Impact Questions
6 How much money did they spend on this purchase
The total cost depends on the average price they paid per ETH If we estimate an average price of 3000 per ETH this purchase would be worth over 214 million
7 Will this make the price of Ethereum go up
Large purchases like this can create upward pressure on the price due to increased demand and reduced available supply on exchanges It also often boosts overall market sentiment
8 What is supply shock and does this cause one
A supply shock happens when a large amount of an asset is suddenly removed from the readily available trading market By locking up 4 of the supply Bitmine contributes to a supply shock which can theoretically support higher prices
9 Is Bitmine going to sell this ETH
They likely purchased it as a longterm strategic investment to benefit from Ethereums potential price appreciation and possibly