Bitmine has increased its Ethereum (ETH) holdings to over 4.73 million.
The company is adding to its ETH treasury strategy despite market struggles.
Ethereum price holds near $2,000.
Bitmine Immersion Technologies, led by Tom Lee, has accelerated its Ethereum acquisitions, marking its largest purchase of 2026 so far.
According to a company update, Bitmine’s total Ethereum holdings have risen to more than 4.73 million ETH, while its combined crypto and cash reserves now exceed $10.7 billion.
The firm has also expanded its staking activity, even as Ethereum trades near the $2,000 level amid broader weakness in the crypto market.
The downturn has prompted notable capital outflows from ETH-focused investment products.
Largest weekly purchase lifts holdings
In a Monday update, Bitmine said it executed its biggest weekly Ethereum purchase of the year, acquiring 71,179 ETH.
The transaction lifted its total ETH treasury to 4.73 million tokens, representing about 3.92% of Ethereum’s total supply.
The latest purchase significantly exceeds the firm’s recent weekly average of 45,000–50,000 ETH, underscoring a more aggressive accumulation strategy.
This contrasts with broader market behavior, where many digital asset treasuries have either paused purchases or liquidated holdings amid declining prices.
Crypto outperforms despite macro headwinds
Ongoing macroeconomic and geopolitical pressures have weighed on risk assets.
Commenting on the trend, Bitmine chairman Thomas Lee said:
“As the Iran war enters its fifth week, ETH and crypto have outperformed the broader market, with ETH outperforming equities by 1,160 basis points. This stands in contrast to gold, which has underperformed by more than 750 basis points. Crypto is demonstrating its potential as a wartime store of value.”
Bitmine remains one of the few large corporate buyers maintaining a consistent accumulation strategy despite market headwinds.
In contrast, Michael Saylor’s Strategy—the world’s largest corporate holder of Bitcoin—recently paused its 13-week buying streak.
Ethereum holds above $2,000 despite outflows
Ethereum has remained resilient around the $2,000 level and is up nearly 10% over the past month, although upside momentum remains limited.
The asset has held near this range despite persistent exchange outflows and cautious institutional sentiment.
Data from CoinShares showed that ETH investment products recorded $222 million in net outflows last week.
Bitcoin products also saw outflows of more than $194 million, contributing to a broader $414 million withdrawal across crypto investment vehicles.
Long-term conviction persists
Despite these outflows, Bitmine’s continued accumulation highlights strong long-term conviction among select institutional players.
The Ethereum Foundation also signaled a similar stance, staking more than $46 million worth of ETH on Monday.
Looking ahead, Ethereum prices could benefit from underlying resilience and potentially move higher in the coming weeks or months.
However, a break below the $2,000 level remains a risk if negative sentiment intensifies.
