• BitMine has bought 60,976 ETH for roughly US$120 million throughout the week ending March 8, its largest single-week acquisition of 2026.
  • The acquisition lifted the agency’s whole Ethereum holdings to 4,534,563 tokens.
  • BitMine holds roughly US$7.8 billion in unrealised losses on its treasury place and now controls 3.76% of Ethereum’s circulating provide, with a acknowledged aim of reaching 5% of whole ETH provide.

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

The transaction lifted BitMine’s whole Ethereum treasury to 4,534,563 ETH. At a market worth of roughly US$1,965 (AU$2,889) per token, the place is valued at about US$8.9 billion (AU$13.1 billion), in accordance with a current investor note. 

The holdings symbolize roughly 3.76% of Ethereum’s circulating provide, estimated at about 120.7 million tokens.

Learn extra: Ethereum Foundation Positions Blockchain as Trust Layer for the Age of AI

Staking Earnings and Treasury Technique

BitMine has been steadily constructing its place by common purchases of round 45,000 to 50,000 ETH per week.

About 3,040,483 ETH, roughly 67% of BitMine’s whole holdings, are presently staked on the Ethereum community. The corporate estimates the staked portion generates round US$174 million (AU$255.8 million) in annual rewards.

If the complete treasury had been staked, projected yearly staking earnings would rise to about US$259 million (AU$380.7 million).

Chairman Thomas Lee mentioned the accelerated shopping for displays a view that Ethereum could also be approaching a worth flooring. 

Lee additionally cited technical evaluation by market technician Tom DeMark that compares the present ETH market construction with the S&P 500 throughout the declines of 1987 and 2011, each of which had been adopted by recoveries. In keeping with that evaluation, ETH may attain a backside between March 8 and March 14 close to US$1,740 (AU$2,558).

Nonetheless, regardless of the crew’s conviction and its fixed accumulation, BitMine’s Ethereum treasury presently carries roughly US$7.8 billion (AU$11.5 billion) in unrealised losses attributable to purchases made as costs declined towards current lows.

However don’t point out it. Lee will get fairly livid if you carry that up, and he often responds by affirming that it’s all a part of the plan.

Learn extra: Scaramucci Blames Trump’s “Grift” for CLARITY Act Delays, But Says Bitcoin Could Hit $100K

The submit BitMine Buys Record 60,976 ETH for $120M as Tom Lee Calls Crypto Winter Bottom appeared first on Crypto News Australia.