BitMine, the former Bitcoin mining company chaired by Tom Lee, has continued its aggressive Ethereum accumulation with another large purchase.
The company recently added 60,976 ETH to its holdings in a deal valued at nearly $123 million. This latest acquisition increases BitMine’s total Ethereum holdings to 4,535,563 ETH, which is worth more than $9 billion at current market prices. However, the firm’s average purchase price remains above $3,700 per coin, meaning it is still holding unrealized losses worth several billion dollars.
Beyond its Ethereum holdings, the company controls about 3.76 percent of the total Ethereum supply. BitMine also owns 195 Bitcoin, maintains a $200 million investment in Beast Industries, holds a $14 million stake in Eightco Holdings, and has cash reserves totaling $1.2 billion.
Tom Lee noted that Ethereum prices showed resilience this week despite growing war related concerns and rising oil prices. He stated that the company believes the crypto market is in the late or final phase of what it describes as a mini crypto winter. According to Lee, this view aligns with the analysis of BitMine adviser Tom DeMark of DeMark Analytics.
DeMark’s analysis suggests that Ethereum’s price movement in 2026 closely mirrors the behavior of the S&P 500 during the fall of 2011 and the fall of 1987.
Lee explained that the correlation between Ethereum’s current trend and those historical market patterns stands at 89 percent for 2011 and 93 percent for 1987. If the pattern continues to follow these historical examples, Ethereum could reach a bottom sometime this week below $1,750, which would match the expected structure of the final stage of the mini crypto winter.
Based on this outlook, Lee said BitMine plans to continue increasing the pace of its Ethereum accumulation slightly.
In recent hours, Ethereum has recovered following the intense market volatility triggered by developments in the Middle East. The asset is now trading just above the key $2,000 level. However, its breakout attempt last week stopped at around $2,200, and it has not been able to return to those levels since then.#crypto#cryptonews https://t.me/coinsignalpublic https://coinsignals.net
