Bitmine Immersion Technologies bought more than 126,971 ETH last week as prices dipped, spending roughly $214 million. The purchase is the firm's largest single Ethereum acquisition of 2026. With the buy, Bitmine's total crypto and cash holdings now sit at $9.6 billion — a pile that includes 5,543,872 ETH, 204 BTC, a $180 million stake in Beast Industries, an $88 million stake in Eightco Holdings, and $247 million in cash.
How Bitmine bought the dip
The company didn't tip its hand during the sell-off. Tom Lee, Bitmine's chairman, said the firm viewed the price drop as a chance to add to its position at a discount. He argued that Ethereum's fundamentals are strengthening and that the sell-off was superficial — driven by short-term panic rather than any structural problem. Bitmine now holds 4.59% of all ETH in circulation. Lee said the firm wants to reach 5% sometime this year.
Why Lee sees opportunity now
Lee also pointed to the recent Zcash Orchard incident as a factor that actually strengthens Ethereum's use case. His argument: the incident underscores the need for hardened, decentralized blockchains, and Ethereum fits that description better than most alternatives. Bitmine's bet is that the broader market will eventually agree — and that buying during the current fear cycle will pay off when sentiment shifts.
Where ETH stands after the drop
Ethereum has retraced 68% from its 2025 peak. It lost its 200-week moving average — around $2,471 — and is now testing support near $1,500. At the time of writing, ETH trades at $1,687, up 4.8% on the day. Market observer Ash Crypto noted that if ETH holds $1,500, it could repeat the 2022 pattern that eventually led to a 5x gain over 18 months. If that level breaks, the next floor could be in the $1,000 area. For now, the key question is whether buyers like Bitmine can tip the balance.
