Bitmine Makes Largest Ethereum Purchase Of 2026 As | Crypto News
Bitmine, the world’s largest Ethereum treasury, has ramped up its ETH shopping for during the latest crypto market correction, making the company’s largest buy of 2026 to date.
Bitmine Doubles Down On Ethereum
On Monday, Bitmine Immersion Technologies announced it had purchased over 126,971 ETH, value roughly $214 million, during last week’s dip, marking the treasury’s largest buy so far this yr.
Now, Bitmine’s crypto and money holdings sit at $9.6 billion at current 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 half of its “Moonshots” initiative, and whole money value $247 million.
In a assertion, Bitmine’s Chairman, Tom Lee, explained that the firm noticed the current price 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 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.
Lee argued that the broader crypto market sell-off was a “superficial take,” pushed more by short‑time period panic than by real weak point. He also affirmed that the current Zcash Orchard incident strengthens Ethereum’s use case.
AI systems are going to discover flaws in centralized financial providers rails and weak decentralized protocols. We consider this truly strengthens the use case and product market match for hardened and dependable decentralized blockchains like Ethereum.
Therefore, the treasury firm believes that “ETH prices should not be coming under pressure,” he added. After the latest buy, the firm’s ETH holdings have reached 4.59% of the altcoin’s whole provide. Lee expects the company to attain its 5% provide aim “sometime in 2026.”
ETH Eyes Key Technical Level
Despite Bitmine’s steady wager on Ethereum, the king of altcoins has struggled over the past week, retracing roughly 15% and shedding the February lows for the first time in 4 months.
Market observer Ash Crypto famous that ETH is repeating a setup that was seen once before during the last bear market. “Back in June 2022, ETH broke through every support level and crashed to $880. Everyone gave up on it. That turned out to be the exact bottom of the whole bear market,” he wrote.
This time, Ethereum has retraced 68% from its 2025 peak and damaged through every assist stage after shedding the 200-week Moving Average (MA), which sits around $2,471. Now, the next key assist to watch is at $1,500, which may decide whether or not ETH repeats its earlier playbook.
If ETH holds $1,500, the market watcher believes that the setup may play out precisely like in 2022, which led to a 5x over the next 18 months. On the opposite, if Ethereum loses the $1,500 in the weekly timeframe, he steered the price may fall all the way in which to the $1,000 space, where the next major assist zone is situated.
As of this writing, ETH is trading at $1,687, a 4.8% increase in the daily timeframe.
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