BULLISH 📈 : Bitmine buys 126,971 ETH as price dips, largest 2026 purchase
Bitmine bought 126,971 ETH on the dip. It’s the firm’s largest 2026 buy and lifts its stash to 5.54 million ETH.
The company disclosed the purchase on Monday, citing last week’s correction as entry. Source: PR Newswire.
Bitmine now holds $9.6B in crypto and cash at current prices. Breakdown per filing:
- 5,543,872 Ethereum (ETH) at $1,630 per ETH
- 204 Bitcoin (BTC)
- $180M stake in Beast Industries
- $88M stake in Eightco Holdings under “Moonshots”
- $247M cash
Source: PR Newswire.
Chairman Tom Lee said the weekend drop to a one‑year low near $1,505 was a buy signal. “We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals.” Source: NewsBTC.
He called the sell‑off “superficial” and argued the recent Zcash Orchard incident strengthens Ethereum’s case. He expects Bitmine to hit 5% of ETH supply in 2026. Sources: NewsBTC, PR Newswire.
Technicals stay fragile. ETH has retraced 68% from its 2025 peak and lost the 200‑week MA near $2,471. The next key support sits around $1,500. A hold keeps the 2022 bottom analog in play; a weekly close below risks a slide toward the $1,000 zone. Sources: NewsBTC, Ash Crypto on X.
