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Bitmine Immersion Technologies has added roughly $139 million worth of Ether to its holdings, with Chairman Tom Lee saying the recent downturn in cryptocurrency markets may be nearing an end as institutional accumulation accelerates.
The company purchased 65,341 Ether (ETH), lifting its total holdings to more than 4.6 million tokens, according to a company update released this week. The move comes after Bitmine increased the pace of buying over the past three weeks, positioning itself closer to its goal of acquiring 5% of Ethereum’s circulating supply.
🚨 BITMINE JUST ADDED ~67,111 ETH
🔹 67,111 $ETH ($145M)
🔹 Multiple inflows from Kraken
🔹 In the past 5 hoursAccumulation continues.
Source: Arkham $ETH $BMNR pic.twitter.com/4OsSPZ31l4
— BMNR Bullz (@BMNRBullz) March 25, 2026
Lee said Bitmine’s base case is that Ether is in the final stages of a “mini-crypto winter”, following several months of price pressure across digital assets.
“We believe the mini-crypto winter is nearing its end,” Lee said, citing improving regulatory signals and resilience in crypto markets during recent geopolitical tensions.
Following the latest purchase, Bitmine’s holdings now represent approximately 3.8% to 3.9% of Ethereum’s circulating supply, making it one of the largest corporate holders of Ether.
The company would need to acquire around 1.4 million additional tokens to reach its target of holding 5% of Ethereum’s supply, a goal that highlights the scale of its accumulation strategy.
Bitmine has also deployed a large portion of its holdings into staking, with more than 3 million Ether currently staked, allowing the company to generate yield while simultaneously tightening available market supply.
The staking strategy allows Bitmine to function not only as a treasury holder but also as an active participant in Ethereum’s network security and yield ecosystem.
Market participants say the aggressive accumulation and staking model mirrors strategies previously used by companies accumulating Bitcoin, but adapted for Ethereum’s yield-generating capabilities.
While Bitmine is pursuing large-scale accumulation, other companies such as BTCS are adopting a different strategy focused on operational Ethereum infrastructure and validator-based revenue.
BTCS has concentrated on running validator nodes, staking services and blockchain infrastructure, generating recurring revenue rather than prioritizing massive balance-sheet accumulation.
This contrasts with Bitmine’s treasury-heavy model, where the company aims to build one of the largest corporate Ether reserves while generating yield through staking.
Notably, the two approaches represent emerging dual models in corporate Ethereum strategies:
Cryptocurrency markets have experienced volatility in recent months, with ETH falling from prior highs before stabilizing. Lee pointed to policy developments, including progress on crypto regulation, and crypto’s resilience during geopolitical stress as signs that sentiment may be turning.
🐳 According to reports, Bitmine added another 65,341 ETH as Tom Lee publicly stated that "Ethereum is in the final stages of mini-crypto winter."
📈 @santimentfeed on-chain data indicates that wallets holding between 100-100K $ETH accumulated 756.95K in just the past 2 days. 👀 https://t.co/d149jpgZ2m pic.twitter.com/kZRiIQl3qZ
— Santiment (@santimentfeed) March 23, 2026
Ether has also outperformed broader equity markets during recent geopolitical tensions, according to Lee, reinforcing Bitmine’s view that institutional demand remains intact.
Bitmine has increasingly repositioned itself as a corporate Ethereum treasury company, mirroring strategies used by firms accumulating Bitcoin as balance-sheet assets. The company has accelerated purchases during market weakness, a strategy Lee described as opportunistic accumulation ahead of a potential recovery.
The latest purchase underscores growing institutional interest in Ethereum, with Bitmine continuing to build one of the largest corporate crypto treasuries as markets show signs of stabilization.
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