In a strategic move to bolster its cryptocurrency holdings, BitMine Immersion Technologies, a publicly traded firm focused on Ethereum, has expanded its ETH position by acquiring an additional 26,497 Ether, valued at approximately $52 million. This purchase comes at a time when Ethereum’s price dipped below the $2,000 mark for the first time since March 29, trading at $1,967 according to data from CoinGecko.
Tom Lee, Chairman of BitMine, commented on the current market dynamics, noting, “In our view, ETH prices are not reflecting the strengthening of Ethereum fundamentals, but then again, this is not surprising given we are in the early stages of crypto spring.” It’s worth mentioning that Lee has connections to Dastan, which is the parent company of Decrypt.
This latest acquisition marks a significant reduction compared to BitMine’s earlier purchase of nearly 112,000 ETH, the largest in 2026 to date. Just last month, Lee suggested that the firm might moderate its buying pace to avoid reaching its target of 5% of the total ETH supply too quickly, stating, “there’s other things to be doing in crypto right now.”
Currently, BitMine’s total ETH holdings amount to 5,416,901, which represents approximately 4.48% of the circulating supply. Alongside its ETH treasury valued at $10.6 billion, the firm also maintains around $446 million in cash and holds 203 BTC valued at $14.5 million.
Despite its active Ethereum acquisitions, shares of BitMine (BMNR) saw a decline of about 1.3% on Monday, trading around $19.02. Over the past six months, the firm’s shares have experienced a sharp decline of more than 34%, and they are down approximately 88% from their 52-week peak of $161.
Ethereum’s recent slide, dropping below the $2,000 threshold, follows a nearly 15% decline over the last month and a staggering fall of more than 60% from its all-time high of $4,946 achieved in August. Predictive market analysis on Myriad, affiliated with Decrypt, suggests a potential drop to $1,500 before a recovery to $3,000, assigning a 67% probability to reaching the $1,500 threshold first.
In a contrasting scenario, Strategy, a crypto treasury firm managing approximately $60 billion in Bitcoin, announced it sold $2.5 million worth of BTC, marking its first sale since 2022. This move coincided with Bitcoin’s drop to its lowest level in nearly two months, leading to Strategy (MSTR) shares falling to a 45-day low shortly after the announcement.
