Bitmine Immersion Technologies (NASDAQ: BMNR) purchased an additional 67,111 ETH valued at approximately $145 million on March 24, 2026, increasing its total Ethereum holdings to more than 4.66 million tokens worth over $10 billion, according to on-chain data from Arkham Intelligence and Lookonchain.
The acquisition extends Bitmine’s position as the largest known corporate Ethereum treasury, holding approximately 3.86% of ETH’s circulating supply. Chairman Tom Lee stated that the company has maintained an increased pace of ETH buys over the past three weeks, as his “base case is ETH is in the final stages of the ‘mini-crypto winter’.”
Bitmine’s latest purchase follows a disclosure on March 23 that it had acquired 65,341 ETH since March 16, bringing its holdings to 4.66 million ETH at that time.
Accumulation Strategy and Treasury Position
Latest Purchase Details
On-chain analytics provider Lookonchain reported that Bitmine purchased 67,111 ETH from Kraken on March 24 via two addresses, worth approximately $144.8 million based on current prices. The transaction adds to the company’s previously reported holdings of 4.66 million ETH, which had an estimated value of $10 billion as of March 22.
Treasury Composition
Bitmine holds approximately 4.66 million ETH, representing roughly 3.86% of Ethereum’s total circulating supply. The company also maintains $1.1 billion in cash and approximately $14 million worth of Bitcoin. Bitmine remains the largest known ETH treasury holder, followed by SharpLink Gaming with approximately 863,000 ETH and The Ether Machine with approximately 496,700 ETH.
Staking Operations
Beyond spot accumulation, Bitmine has deployed significant portions of its holdings into staking operations. The company has staked 3,142,291 ETH, generating additional yield while maintaining long-term exposure. Once its treasury is fully staked, the firm expects to earn approximately $272 million per year in yield.
Market Context and Price Action
ETH Price Movement
Ethereum climbed approximately 1% over 24 hours to $2,154 following the purchase, according to The Block’s price page. The token remains down more than 55% from its record high of approximately $4,900 reached in August 2025.
Geopolitical Factors
The broader crypto market saw a surge on March 23 following President Trump’s announcement that he would delay bombings on Iran amid constructive peace talks, with Ethereum rising approximately 5% in that session.
Unrealized Losses
Despite its significant holdings, Bitmine is sitting on an unrealized loss of approximately $7 billion due to Ethereum’s decline from its August 2025 peak, according to crypto market intelligence platform DropsTab.
Tom Lee’s Market Outlook
Bottom-Calling Framework
Bitmine Chairman Tom Lee reiterated his view that the crypto market is nearing the end of its current downturn. In a March 21 CNBC appearance, he stated: “If we asked any investor, they can list all the reasons why they’re worried and what could go wrong, and that gets priced in very quickly. But we have to know that that’s counterbalanced. Opportunities have always emerged. When we look at the last eight major war events, the market was always bottoming very early into the conflict.”
Accumulation Pace
Lee noted that Bitmine has maintained an increased pace of ETH buys over the past three weeks, reflecting confidence that Ethereum is in the “final stages of the ‘mini-crypto winter.’”
Stock Performance
Bitmine’s stock (BMNR) fell 2.21% on March 24 to close at $20.80, before rebounding 1.88% in after-hours trading. The stock is down approximately 60% over the past six months.
Frequently Asked Questions
How much ETH does Bitmine currently hold?
Bitmine holds more than 4.66 million ETH, valued at over $10 billion, representing approximately 3.86% of Ethereum’s total circulating supply. The company is the largest known corporate Ethereum treasury holder.
What was the size of Bitmine’s latest ETH purchase?
Bitmine purchased 67,111 ETH on March 24, 2026, worth approximately $145 million based on current prices. The transaction was identified by on-chain analytics providers Lookonchain and EmberCN using Arkham Intelligence data.
What is Tom Lee’s outlook on the crypto market?
Lee believes the crypto market is in the “final stages” of its current downturn, citing historical patterns where markets have bottomed early in major war events. He has maintained that Bitmine’s increased accumulation pace reflects this conviction.
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