BitMine Immersion Technologies just dropped its biggest single-week Ethereum buy of 2026 — 126,971 ETH scooped up during the June dip. The purchase pushes the firm's corporate treasury to 5,543,872 ETH, or roughly 4.59% of Ethereum's circulating supply. At a reference price of $1,630, that stash is worth about $9.04 billion.
The buying spree
The acquisition came as ETH bottomed out near $1,505 earlier this month, before a partial recovery to Monday's $1,691 level. BitMine Chairman Tom Lee didn't comment on the timing, but the firm has a history of buying into corrections — albeit without reversing broader bearish trends. Of its total ETH, 4,718,677 tokens are actively staked, generating what Lee described as projected annualized staking revenue of $230 million.
Staking revenue and other holdings
Beyond Ethereum, BitMine holds 203 Bitcoin, a $200 million stake in Beast Industries, and an $88 million stake in an unspecified entity. The staking income alone provides a steady cash flow, which may partly explain the aggressive accumulation. Still, the market hasn't rewarded the strategy yet — ETH is down from resistance levels above $2,000 that held through April.
Chart signals point to accumulation zone
Analyst Ali Martinez flagged that ETH is trading below the 0.8 market-value-to-realized-value (MVRV) band, a zone that has historically marked accumulation opportunities. He also spotted a TD Sequential buy signal, hinting at seller exhaustion. Key support sits at $1,650 and the June low of $1,500; resistance is stacked at $1,715, $1,875, and $2,000. If $1,650 fails, a retest of $1,500 could follow. A weekly close below that would open the door to $1,000–$1,100, per Martinez.
CPI data looms next
On-chain profitability is at multi-year lows, and ETF outflows dominated much of June. The next big catalyst is Friday's US CPI print — a softer number could give ETH the push to break above $1,715, while a hot read risks another leg down. For now, BitMine is betting the bottom is in, even if the charts aren't convinced yet.
