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Breaking News: Raydium DEX's AMM Program Exploited For $1.34 Million — Here's What Went Wrong

Bitmine Makes Largest Ethereum Purchase Of 2026 As Tom Lee Dismisses Market Selloff

Rubmar Garcia
Rubmar Garcia
Last Updated: June 9, 2026 6:00 am
3 mins read
Ethereum

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Bitmine, the world’s largest Ethereum treasury, has ramped up its ETH buying during the latest crypto market correction, making the company’s largest purchase of 2026 to date.

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Bitmine Doubles Down On Ethereum

On Monday, Bitmine Immersion Technologies announced it had bought over 126,971 ETH, worth roughly $214 million, during last week’s dip, marking the treasury’s largest purchase so far this year.

Now, Bitmine’s crypto and cash holdings sit at $9.6 billion at current prices, comprised of 5,543,872 ETH at $1,630 per ETH, 204 Bitcoin (BTC), a $180 million stake in Beast Industries, an $88 million stake in Eightco Holdings as part of its “Moonshots” initiative, and total cash worth $247 million.

In a statement, Bitmine’s Chairman, Tom Lee, explained that the firm saw the recent price dip, which sent Ethereum to a one-year low of $1,505 on Sunday, as a buying opportunity, arguing that Ethereum’s fundamentals are strengthening.

“We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals. This is not surprising given we are in the early stages of crypto spring,” he said.

Lee argued that the broader crypto market sell-off was a “superficial take,” driven more by short‑term panic than by real weakness. He also affirmed that the recent Zcash Orchard incident strengthens Ethereum’s use case.

AI systems are going to find flaws in centralized financial services rails and weak decentralized protocols. We believe this actually strengthens the use case and product market fit for hardened and reliable decentralized blockchains like Ethereum.

Therefore, the treasury firm believes that “ETH prices should not be coming under pressure,” he added. After the latest purchase, the firm’s ETH holdings have reached 4.59% of the altcoin’s total supply. Lee expects the company to reach its 5% supply goal “sometime in 2026.”

ETH Eyes Key Technical Level

Despite Bitmine’s continuous bet on Ethereum, the king of altcoins has struggled over the past week, retracing roughly 15% and losing the February lows for the first time in four months.

Market observer Ash Crypto noted that ETH is repeating a setup that was seen once before during the last bear market. “Back in June 2022, ETH broke through every support level and crashed to $880. Everyone gave up on it. That turned out to be the exact bottom of the whole bear market,” he wrote.

This time, Ethereum has retraced 68% from its 2025 peak and broken through every support level after losing the 200-week Moving Average (MA), which sits around $2,471. Now, the next key support to watch is at $1,500, which could determine whether ETH repeats its previous playbook.

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If ETH holds $1,500, the market watcher believes that the setup could play out exactly like in 2022, which led to a 5x over the next 18 months. On the contrary, if Ethereum loses the $1,500 in the weekly timeframe, he suggested the price could fall all the way to the $1,000 area, where the next major support zone is located.

As of this writing, ETH is trading at $1,687, a 4.8% increase in the daily timeframe.

Ethereum, ETH, ETHUSDT
Ethereum’s performance in the one-week chart. Source: ETHUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com
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Rubmar Garcia
Rubmar Garcia

Rubmar Garcia

Rubmar is a writer and translator who has been a crypto enthusiast for the past four years. Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology.

Read more

From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations.

In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn’t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored.

At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money.

After the failure of her home country’s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education.

Moreover, the peculiar nature of the crypto community sparked Rubmar’s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies ­–or her favorite memes.

In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school’s marching band.

She also has a passion for learning new languages and cultures, having set the goal to learn another six languages ­– currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats –hers or stray.

In summary, Rubmar seeks to present entertaining and educational pieces to be enjoyed by everybody, aiming to report on the latest news and offer a unique perspective while adding a meme or a pun whenever possible.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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