BitMine Gets 60,000 ETH; Chairman Discusses Outlook for Ethereum and Crypto Prices
BitMine Immersion Technologies (BMNR), the largest Ethereum (ETH) business owner in the world, announced on Monday that it has made a significant new purchase of approximately 61,000 ETH.
BitMine Holds 3.7% of Total Ethereum Assets
BitMine’s latest transaction, which includes 60,976 Ethereum tokens, marks the company’s largest weekly acquisition of tokens so far in 2026. Following this acquisition, BitMine’s The cost of ETH shares raised to 4.5 million tokens.
Notably, BitMine now owns about 3.76% of the total Ethereum supply, putting itself over 75% of the way towards its target called the “Alchemy of 5%” in just eight months.
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In addition to its cryptocurrency holdings, BitMine revealed that it has 3,040,483 ETH embedded, with an estimated value of $6 billion based on the ETH price of $1,965 at the time of the company’s disclosure.
The company’s total assets, including cash and other cryptocurrencies, have reached $10.3 billion, which includes 4.535 million ETH tokens, $1.2 billion in cash holdings, and various other crypto assets.
As Ethereum prices stabilized above the key support level of $2,000, CEO Tom Lee highlighted ETH’s resilience amid the upswing. political disagreements and rising oil prices.
Final stages of ‘Mini-Crypto Winter’
Lee commented on current market conditions, expressing confidence that crypto prices are entering the final stages of what he calls a “mini-crypto winter.”
Ethereum prices showed firmness this week, in the face of war concerns and rising oil prices. We continue to believe that crypto prices are in the latest/last phase of the ‘mini-crypto’ winter.
Lee also noted that ETH’s price movements are tracking the trend seen in S&P 500 between the fall of 2011 and 1987. According to an analysis from BitMine’s consultant, Tom DeMark of DeMark Analytics, this historical correlation shows a correlation of up to 89% and 93% with the behavior of the S&P 500 during those times.
The analyst also predicts that Ethereum prices may reach their lowest point between 8 and 14 March, possibly sinking below the recent low of $1,740. This would equate to a drop of around 14% from current trading prices.
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Lee also added that BitMine’s strategy involves slightly increasing its speed Collection of ETHboosting its recent buying activity from an average of 45,000 to 50,000 ETH per week to a recent purchase of 60,976 ETH.
On Monday, Ethereum gained 4%, allowing the token to return to the $2,000 mark after briefly dipping below that key level over the weekend. At the same time, the stock of BitMine, BMNR, also showed a positive movement, trading at $ 20.70 per share at the time of writing, which is a significant mark. 10% rally. for the company.
Featured image from OpenArt, chart from TradingView.com
