BitMine Buys Record 60,976 ETH for $120M as Tom Lee Calls Crypto Winter Bottom

BitMine Immersion Technologies increased its Ethereum holdings on March 9 with the purchase of 60,976 ETH for about US$120 million (AU$176.4 million), marking the company’s largest weekly acquisition of the token in 2026.

The transaction lifted BitMine’s total Ethereum treasury to 4,534,563 ETH. At a market price of roughly US$1,965 (AU$2,889) per token, the position is valued at about US$8.9 billion (AU$13.1 billion), according to a recent investor note. 

The holdings represent approximately 3.76% of Ethereum’s circulating supply, estimated at about 120.7 million tokens.

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Staking Income and Treasury Strategy

BitMine has been steadily building its position through regular purchases of around 45,000 to 50,000 ETH per week.

About 3,040,483 ETH, roughly 67% of BitMine’s total holdings, are currently staked on the Ethereum network. The company estimates the staked portion generates around US$174 million (AU$255.8 million) in annual rewards.

If the entire treasury were staked, projected yearly staking income would rise to about US$259 million (AU$380.7 million).

Chairman Thomas Lee said the accelerated buying reflects a view that Ethereum may be approaching a price floor. 

Lee also cited technical analysis by market technician Tom DeMark that compares the current ETH market structure with the S&P 500 during the declines of 1987 and 2011, both of which were followed by recoveries. According to that analysis, ETH could reach a bottom between March 8 and March 14 near US$1,740 (AU$2,558).

However, despite the team’s conviction and its constant accumulation, BitMine’s Ethereum treasury currently carries roughly US$7.8 billion (AU$11.5 billion) in unrealised losses due to purchases made as prices declined toward recent lows.

But don’t mention it. Lee gets quite furious when you bring that up, and he usually responds by affirming that it’s all part of the plan.

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