Bitmine Immersion Technologies purchased 24,266 ETH last week for $75.59 million. The acquisition marks the company’s lowest weekly purchase on record.\n\nFundstrat chairman Tom Lee’s firm now controls 4.17 million ETH valued at $12.98 billion. The reduced buying pace comes as
Ethereum trades at $3,096 after a 2.31% weekly decline.\n\nBitmine Reduces Weekly ETH Purchases Despite Bullish Outlook.\n\nThe NYSE-listed company revealed its crypto holdings totaled $14 billion as of January 11.\n\nBitmine’s treasury includes 4,167,768 ETH purchased at an average price of $3,119 per token. The firm also holds 193 Bitcoin and $23 million in Eightco Holdings stock. Cash reserves reached $988 million after growing $73 million during the same week.\n\nBitmine controls 3.45% of Ethereum’s 120.7 million circulating supply. The company maintains its position as the largest public ETH treasury holder.\n\nTom Lee described Bitmine as the largest fresh money buyer of ETH globally.\n\nThe slowdown follows months of aggressive accumulation through 2025.\n\nAccording to data from Lookonchain, the latest purchase represents a sharp drop from previous weekly averages. Bitmine still increased its cash position while acquiring tokens. The company positioned itself for Q1 2026 commercial staking operations through MAVAN.\n\nLee pointed to stablecoin adoption and tokenization as key drivers for blockchain infrastructure. He compared recent market conditions to a mini crypto winter following leverage resets in October 2025.\n\nThe chairman expects crypto prices to recover in 2026 with stronger gains through 2028.\n\nEthereum Price Action Tests Key Levels Amid Institutional Buying.\n\nEthereum traded at $3,096 with 24-hour volume exceeding $20.4 billion. The token pushed to $3,170 before pulling back to current levels. Daily trading data shows a 0.46% decline over the past day.\n\nTrader Lennaert Snyder noted ETH appears stronger than Bitcoin in current market structure. He maintains a bearish thesis targeting $2,970 monthly open levels.\n\nThere are a few trades I’m looking at for this week, I’ll execute when I… [tweet excerpt]\n\nShort positions look attractive until price breaks above the $3,309 monthly high. Snyder identified potential reversal zones at $3,184 and $3,263 resistance levels.\n\nBitmine’s reduced buying pace coincides with choppy price action across crypto markets. The company aims to reach 5% of total ETH supply through continued accumulation.\n\nMAVAN’s staking platform launch could position Bitmine as the largest staking provider in crypto. The firm’s treasury strategy depends on selective equity issuance and premium valuations.\n\nMarket participants watch institutional buying patterns for directional clues.\n\nBitmine maintains its long-term accumulation strategy despite weekly fluctuations. The company’s $14 billion position represents significant exposure to Ethereum’s infrastructure development.
