BitMine Adds 60,976 ETH Worth $123M, Total Holdings Reach 4.54M Coins

BitMine, the former Bitcoin mining company chaired by Tom Lee, bought an additional 60,976 ETH for nearly $123 million, bringing its total Ethereum holdings to 4,535,563 ETH valued at over $9 billion and representing 3.76% of total supply, with an average entry price above $3,700 per coin. The firm also holds 195 BTC, a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings, and $1.2 billion in cash reserves. Lee said Ethereum's price has been resilient this week despite rising war concerns and higher oil prices, adding that BitMine is following a base case from advisor Tom DeMark of DeMark Analytics, who sees ETH in 2026 tracking the S&P 500 in fall 2011 and fall 1987 with correlations of 89% and 93%, and that if these analogs persist, prices could bottom this week below $1,750, guiding BitMine to slightly accelerate its ETH accumulation strategy. ETH has bounced back in recent hours after sharp marketwide volatility tied to Middle East developments and is now trading just above $2,000, after a failed breakout last week at $2,200.