Bitmine Buys 126,971 ETH As BMNR Tests Critical $16 Support: What’s Going On?
Bitmine Immersion (NYSE:BMNR) made its largest weekly Ethereum (CRYPTO: ETH) purchase of 2026, buying 126,971 ETH worth roughly $214 million as prices tanked, reversing its earlier stance to slow accumulation.
Biggest Weekly ETH Purchase Of 2026 Despite Earlier Slowdown Call
The 126,971 ETH acquisition triples the prior week’s 26,497 ETH purchase and brings total holdings to 5.54 million ETH, representing 4.59% of Ethereum’s total supply.
The company now sits 92% of the way toward its stated goal of owning 5% of ETH’s circulating supply, which Chairman Tom Lee said the company expects to reach later this year.
“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals,” Lee stated.
“This is not surprising given we are in the early stages of crypto spring,” he added.
Total holdings including cash and investment stakes reach $9.6 billion. Beyond ETH, Bitmine holds …
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