{"id":7355,"date":"2026-03-10T11:26:53","date_gmt":"2026-03-10T11:26:53","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=7355"},"modified":"2026-03-10T11:26:53","modified_gmt":"2026-03-10T11:26:53","slug":"bitmine-buys-record-60976-eth-for-120m-as-tom-lee-calls-crypto-winter-bottom","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=7355","title":{"rendered":"BitMine Buys Record 60,976 ETH for $120M as Tom Lee Calls Crypto Winter Bottom"},"content":{"rendered":"

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  • BitMine has purchased 60,976 ETH for approximately US$120 million during the week ending March 8, its largest single-week acquisition of 2026.<\/span><\/li>\n
  • The purchase lifted the firm\u2019s total Ethereum holdings to 4,534,563 tokens.<\/span><\/li>\n
  • BitMine holds approximately US$7.8 billion in unrealised losses on its treasury position and now controls 3.76% of Ethereum\u2019s circulating supply, with a stated goal of reaching 5% of total ETH supply.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    BitMine Immersion Technologies increased its Ethereum holdings on March 9 with the purchase of 60,976 ETH for about US$120 million (AU$176.4 million), marking the company\u2019s largest weekly acquisition of the token in 2026.<\/p>\n

    The transaction lifted BitMine\u2019s total Ethereum treasury to 4,534,563 ETH. At a market price of roughly US$1,965 (AU$2,889) per token, the position is valued at about US$8.9 billion (AU$13.1 billion), according to a recent investor note.\u00a0<\/p>\n

    The holdings represent approximately 3.76% of Ethereum\u2019s circulating supply, estimated at about 120.7 million tokens.<\/p>\n

    Read more: Ethereum Foundation Positions Blockchain as Trust Layer for the Age of AI<\/strong><\/p>\n

    Staking Income and Treasury Strategy<\/h2>\n

    BitMine has been steadily building its position through regular purchases of around 45,000 to 50,000 ETH per week.<\/p>\n

    About 3,040,483 ETH, roughly 67% of BitMine\u2019s total holdings, are currently staked on the Ethereum network. The company estimates the staked portion generates around US$174 million (AU$255.8 million) in annual rewards.<\/p>\n

    If the entire treasury were staked, projected yearly staking income would rise to about US$259 million (AU$380.7 million).<\/p>\n

    Chairman Thomas Lee said the accelerated buying reflects a view that Ethereum may be approaching a price floor.\u00a0<\/p>\n

    Lee also cited technical analysis by market technician Tom DeMark that compares the current ETH market structure with the S&P 500 during the declines of 1987 and 2011, both of which were followed by recoveries. According to that analysis, ETH could reach a bottom between March 8 and March 14 near US$1,740 (AU$2,558).<\/p>\n

    However, despite the team\u2019s conviction and its constant accumulation, BitMine\u2019s Ethereum treasury currently carries roughly US$7.8 billion (AU$11.5 billion) in unrealised losses due to purchases made as prices declined toward recent lows.<\/p>\n

    But don\u2019t mention it. Lee gets quite furious when you bring that up, and he usually responds by affirming that it\u2019s all part of the plan.<\/p>\n

    Read more: Scaramucci Blames Trump\u2019s \u201cGrift\u201d for CLARITY Act Delays, But Says Bitcoin Could Hit $100K<\/strong><\/p>\n<\/p><\/div>\n

    BitMine,Ethereum,Staking#BitMine #Buys #Record #ETH #120M #Tom #Lee #Calls #Crypto #Winter #Bottom1773142013<\/p>\n","protected":false},"excerpt":{"rendered":"

    BitMine has purchased 60,976 ETH for approximately US$120 million during the week ending March 8, its largest single-week acquisition of 2026. The purchase lifted the firm\u2019s total Ethereum holdings to 4,534,563 tokens. BitMine holds approximately US$7.8 billion in unrealised losses on its treasury position and now controls 3.76% of Ethereum\u2019s circulating supply, with a stated<\/p>\n","protected":false},"author":1,"featured_media":7356,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[3193,439,891,85,1539,62,601,2211,245,2210,113],"class_list":{"0":"post-7355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-120m","9":"tag-bitmine","10":"tag-bottom","11":"tag-buys","12":"tag-calls","13":"tag-crypto","14":"tag-eth","15":"tag-lee","16":"tag-record","17":"tag-tom","18":"tag-winter"},"yoast_head":"\nBitMine Buys Record 60,976 ETH for $120M as Tom Lee Calls Crypto Winter Bottom - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=7355\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BitMine Buys Record 60,976 ETH for $120M as Tom Lee Calls Crypto Winter Bottom\" \/>\n<meta property=\"og:description\" content=\"BitMine has purchased 60,976 ETH for approximately US$120 million during the week ending March 8, its largest single-week acquisition of 2026. 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