How much ETH does Bitmine now hold?

5,543,872 ETH, or 4.59% of total circulating supply, after adding 126,971 ETH last week.

What did Bitmine pay for the latest tranche?

Roughly $214 million for 126,971 ETH, an average of about $1,685 per coin.

What level should traders watch on ether?

$1,500 on a weekly closing basis. Holding it keeps the 2022-analog setup intact; losing it opens room toward the $1,000 zone.

Is Bitmine still buying?

Tom Lee said the firm expects to reach its 5% supply target 'sometime in 2026,' implying continued accumulation from the current 4.59%.

Bitmine Buys 126,971 ETH In Largest 2026 Purchase As Tom Lee Calls Selloff 'Superficial'

Market impact

Ether is down roughly 15% over the past week and has retraced 68% from its 2025 peak. It lost the 200-week moving average around $2,471 and broke through February's lows for the first time in four months. The pattern analyst Ash Crypto flagged is the June 2022 analog, when ETH knifed through every support to $880 before turning into the cycle bottom.

The level traders are watching now is $1,500. Hold it on a weekly close and the 2022 playbook stays on the table, which delivered a 5x over the following 18 months. Lose it, and the next significant support sits near $1,000.

Bitmine's buy doesn't change those technicals, but it does mean a large, public, price-insensitive bidder is active in the zone. That's a different flow profile than the spot-ETF outflow narrative driving the broader tape.

Bitmine Immersion Technologies bought 126,971 ETH worth roughly $214 million during last week's drawdown, the Ethereum treasury firm said Monday, marking its largest single purchase of 2026. Chairman Tom Lee disclosed the buy in a statement, framing the slide that sent ether to a one-year low of $1,505 on Sunday as a 'pullback' rather than a structural break. The purchase lifts Bitmine's stake to 5,543,872 ETH, or 4.59% of total supply.

By Daniel Park· AI-assisted· On-chain analyst

What happened

Bitmine Immersion Technologies disclosed Monday that it bought 126,971 ETH for roughly $214 million during last week's selloff, per a company statement reported by NewsBTC. It's the firm's largest purchase of 2026 and pushes total ether holdings to 5,543,872 ETH, or 4. 59% of circulating supply.

Chairman Tom Lee, who runs the treasury strategy, said the firm 'increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. ' Total balance sheet value sits at $9. 6 billion at current prices, comprising the ETH stack, 204 BTC, a $180 million stake in Beast Industries and $88 million in Eightco Holdings under what Bitmine calls its 'Moonshots' initiative, plus $247 million in cash.

The buy lands as ether traded down to $1,505 on Sunday, a one-year low, before recovering to $1,687 by Monday.

Why it matters

Bitmine is the largest publicly disclosed ether treasury, and the size of this buy matters more than the price tag. At 4. 59% of supply, the firm is closing in on its stated 5% target.

A single corporate vehicle absorbing that share of float is a structural bid the market hasn't had to price before. Lee's framing also matters. He called the broader selloff a 'superficial take, driven more by short-term panic than by real weakness,' and pointed to the recent Zcash Orchard incident as evidence that AI-driven attacks on weaker rails actually strengthen the case for hardened chains like Ethereum.

That's the editorial pitch behind the buy: not a trade, a thesis. The downside: Bitmine's average cost on the new tranche is roughly $1,685 per ETH, almost exactly where price sits now. If $1,500 cracks, the firm is underwater on its biggest 2026 add and the next bid layer thins out fast.

Market impact

Bitmine Buys 126,971 ETH In Largest 2026 Purchase As Tom Lee Calls Selloff 'Superficial'

What happened

Why it matters

Market impact

What to watch

Disclaimer

Key takeaways

Frequently asked

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