As Ethereum (ETH) retests a crucial support zone, Bitmine, the second-largest crypto treasury, has announced its latest ETH purchase, which pushed the company’s holdings closer to its ultimate goal.
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Bitmine Reaches Major 4% ETH Milestone
On Monday, the largest Ethereum treasury in the world, Bitmine Immersion Technologies, revealed it had reached a major milestone after purchasing roughly $157 million of ETH in the past week.
In its latest update, the company shared that it acquired 71,524 ETH over the past week, its highest pace of buys since the week of December 22, 2025. Bitmine’s Chairman, Tom Lee, detailed that the Ethereum treasury “has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter.’”
Notably, the company has been ramping up its bet on the King of Altcoins over the past month, significantly increasing its average of 45,000-50,000 ETH purchases from previous weeks.
Now, the company’s crypto and cash holdings have reached $11.8 billion at current prices, comprised of 4,874,858 ETH, 198 Bitcoin (BTC), a $200 million stake in Beast Industries, an $85 million stake in Eightco Holdings as part of its “Moonshots” initiative, and unencumbered cash worth $719 million.
In addition, Bitmine’s Ethereum holdings have reached 4% of the total ETH supply. This represents a key milestone toward the company’s goal of controlling 5% of the leading altcoin’s 120.7 million supply, which is currently 81% complete.
Last week, the treasury firm announced its uplisting to the New York Stock Exchange (NYSE) from the NYSE American on April 9, 2026, and the expansion of the share repurchase program to $4 billion.
Ethereum Starts Q2 In Green
In the weekly update, Lee also discussed ETH’s performance amid the ongoing conflict between the US and Iran, noting that “this war remains the most important driver of global markets.”
He highlighted that “ETH is now the best-performing asset since the start of the war, with a 17.4% gain and outperforming the S&P 500 by 1,830 basis points. And we believe ETH beating gold by 2,743 basis points demonstrates ETH is the wartime store of value.”
“Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains,” he continued.
Market observer Daan Crypto Trades pointed out that Ethereum started the quarter “slightly in the green so far,” with a 3.7% increase Quarter-to-Date (QTD), according to CoinGlass data.
The trader noted that this quarter “is generally the best quarter, together with Q1, for Ethereum,” as it has ended in green eight out of ten times, with an average and median return of 58.3% and 15.3%, respectively.
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Meanwhile, crypto analyst Ted Pillows highlighted that ETH is back in its $2,150-$2,200 support zone after the weekend pump. Per the post, if this zone holds, the King of Altcoins could rally back above $2,250 and potentially move toward last month’s top near $2,400.
Nonetheless, they warned investors about a potential drop if momentum doesn’t hold. “We’ve seen that historical price action has not really been in Crypto’s favor the past year, so take everything with a grain of salt,” Daan cautioned.
Featured Image from Unsplash.com, Chart from TradingView.com
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