Bitmine Acquires $147 Million in Ethereum Cryptocurrency, Continues Five-Week Purchasing Trend

Bitmine Immersion Technologies acquired 71,179 Ethereum – valued at around $147 million – last week, marking its largest single-week purchase of 2026 and the fifth consecutive week of ongoing crypto accumulation.

When combined with the 238,244 ETH obtained over the previous four weeks, Bitmine has now amassed approximately 309,423 ETH in just over a month – and the supply dynamics behind this rate warrant careful consideration.

Chairman Tom Lee is quite clear about the underlying thesis. The market has yet to fully address the question: is Bitmine absorbing selling pressure quickly enough to influence price – or does ETH’s 22% year-to-date decline indicate that even $147 million weekly purchases are insufficient to shift sentiment independently?

Key Takeaways:

• Bitmine acquired 71,179 ETH (~$147M) last week – its largest weekly purchase of 2026, raising its five-week total to 309,423 ETH.
• Total holdings now approximate 4.73 million ETH (~3.92% of supply), valued at about $10.5 billion – surpassing Bitmine’s $9.34 billion market capitalization.
• 3.14 million ETH are currently staked, yielding $180 million annually at a 2.81% seven-day rate – with $272 million anticipated once MAVAN staking commences.
• Tom Lee connects the conclusion of the crypto winter directly to stabilization in the oil market – noting that crypto’s inverse correlation to oil is currently at its highest level in a year.

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Five Weeks of Crypto Buying: The Impact of 309,000 Ethereum on Liquid Supply

Bitmine confirmed the acquisition through an official announcement on X, with on-chain data validating the 71,179 ETH purchase – an increase from 65,341 ETH the previous week on March 23, indicating a clear acceleration in weekly buying activity. Of its total ~4.73 million ETH holdings, 3.14 million are already staked, effectively removing them from liquid circulation entirely.

This represents a significant supply withdrawal at a time when institutional staking demand is increasing across the board.

JUST IN:
TOM LEE AND BITMINE $BMNR BOUGHT 71.1K ETHEREUM THIS PAST WEEK … Here is Bitmine’s updated holdings
– 4,732,082 $ETH, up from 4.66M on March 22nd (3.14M are currently staked)
– 197 Bitcoin $BTC
– $961M cash
– $200M stake in Beast Industries
– $102M stake in Eightco… pic.twitter.com/PcGqFtfNz2

— Tom Lee Tracker (Not actually Tom) (@TomLeeTracker) March 30, 2026

Lee articulated the strategy clearly on Monday: “Bitmine has sustained the increased pace of ETH acquisitions over the past four weeks, as our base case is that ETH is nearing the end of the ‘mini-crypto winter.’” He added that the macro unlock condition is specific – “the crypto winter likely concludes when the upside risk to oil prices peaks,” highlighting the highest crypto-oil inverse correlation in the past year as a crucial indicator.

StrategicEthReserve currently monitors 67 significant ETH treasury holders. Bitmine leads by a considerable margin – SharpLink Gaming ranks second with 863,000 ETH, and Ether Machine is third with 496,000.

The difference between first and second place alone exceeds 3.8 million tokens. This concentration is significant: Bitmine is absorbing a structurally important portion of available sell-side flow, yet broader institutional outflows elsewhere continue to create challenges that individual corporate treasury buying struggles to fully counteract.

Ethereum Price Prediction: Can Bitmine’s Accumulation Drive a Repricing Above $2,200?

ETH is currently trading around $2,065, down approximately 22% year-to-date despite Bitmine’s aggressive weekly acquisitions.

Key resistance is positioned at $2,200 – a level ETH has been unable to reclaim since the October downturn – while near-term support remains around $1,980, a zone that has absorbed two recent liquidation events. The RSI on the daily chart is hovering near 42, not yet oversold but lacking a clear momentum reversal signal.

Source: TradingView

This entire movement is contingent on oil and whether that pressure finally eases, as a reduction in oil volatility could provide the macro relief necessary to unlock risk assets. With Bitmine consistently purchasing large quantities of ETH each week, supply continues to tighten in the background, which offers a genuine opportunity for price to reclaim $2,200 and potentially advance toward $2,500 if momentum follows.

At present, however, it appears to be caught in a range, with tensions and oil volatility persisting, keeping ETH confined between approximately $1,980 and $2,150 while Bitmine continues to accumulate but cannot independently drive price upward, resulting in a gradual movement rather than a clear trend.

The risk is that this demand narrative diminishes before it fully materializes, as weak inflows and a slowdown in Bitmine’s purchasing as it approaches its supply target could eliminate the primary buying pressure, leading ETH to retreat toward $1,800, where the next substantial support lies.

The supply dynamics are changing significantly – yet ETH’s price has not reflected five weeks of $100 million+ weekly purchases. This disconnect may indicate either a lagging signal or a warning that demand requires a macro catalyst, rather than solely corporate treasury activity, to resolve.

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