Key Highlights
- Bitmine said its recent weekly purchases had averaged between 45,000 and 50,000 ETH, making the latest addition a noticeable step up.
- The firm’s ETH holdings represent about 3.76% of the total supply.
- The strategy reflects what Bitmine leadership views as the later stages of a market downturn.
Bitmine Immersion Technologies expanded its Ethereum (ETH) reserves last week, acquiring 60,976 ETH and increasing the pace of accumulation compared with previous weeks.
According to the official announcement, the company said its recent weekly purchases had averaged between 45,000 and 50,000 ETH, making the latest addition a noticeable step up. The strategy reflects what company leadership views as the later stages of a market downturn.
As of March 8, 2026, Bitmine reported total holdings of 4,534,563 ETH.
Ethereum dominates holdings
Bitmine’s crypto portfolio is dominated by Ethereum. Based on disclosed figures, Bitmine’s ETH position represents about 3.76% of the total supply, estimated at 120.7 million ETH.
In addition to Ethereum, the company holds 195 Bitcoin. It also reported $1.2 billion in cash and several equity investments, including a $200 million stake in Beast Industries and $14 million in Eightco Holdings.
Together, the company said its crypto assets, cash, and other investments total about $10.3 billion.
Movement backed by market patterns
According to Bitmine Chairman Thomas “Tom” Lee, the company increased its buying pace after reviewing historical market comparisons shared by advisor Tom DeMark of DeMark Analytics.
Lee said the firm’s analysis compares current crypto price movements to the S&P 500 market behavior in 2011 and 1987, periods that followed sharp corrections before recovery phases. Earlier in February, Lee also pointed to a disconnect between ETH’s price and its network fundamentals. Unlike the 2018–2019 and 2021–2022 crypto winters, where on-chain activity declined alongside prices, Ethereum’s daily transactions and active addresses have recently hit record highs.
That divergence is central to Bitmine’s thesis: price weakness driven by deleveraging and liquidity shifts, not deteriorating fundamentals, suggests a cyclical bottom rather than a structural breakdown.
Based on those comparisons, the company expects the market to be near the end of what Lee described as a “mini-crypto winter.”
Majority of ETH already staked
A large portion of Bitmine’s ETH holdings is already used for staking. The company stated that 3,040,483 ETH, nearly 67% of its holdings, has been staked. At the current price used in its report, the staked amount is estimated to be around $6 billion.
Bitmine stated that its staking operations currently generate nearly $174 million in annualized revenue. The firm also reported a 2.91% seven-day staking yield, slightly above the Composite Ethereum Staking Rate (CESR) of 2.84%, which tracks average returns across the network.
Previous ETH purchases
Last week, Bitmine announced acquiring 50,928 ETH. The company has been expanding its holdings despite market volatility. At the time, Tom Lee stated, “Bitmine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals. In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
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