The Bitmine Immersion Technologies company reported on March 23, 2026 that it purchased 65,341 ether (ETH), Ethereum’s cryptocurrency, last week.
The purchase was for $138 million and raised the firm’s total holdings to 4,660,903 million ETH, capturing 3.86% of the circulating supply of ETH. explains the company.
Bitmine increased its pace of acquisitions for three consecutive weeks, rising from a previous average of around 50,000 ETH per week.
The company’s management bases this accumulation on projections of regulations and market cycles that could favor the price of the asset.
Bitmine waits for cryptocurrency-friendly regulations
In this regard, Tom Lee, director of the firm, said: «The Clarity Act continues to advance in Congress and is expected to be enacted before the end of April. This represents a positive fundamental catalyst for Ethereum. And it’s another reason why the odds are that crypto winter is already behind us.
This legislation seeks to establish a clear distinction between assets that are securities and those that are digital commodities, which would allow Ethereum to operate without a doubt under the supervision of the United States Commodity Futures Trading Commission (CFTC) and would facilitate the entry of large institutional capital that today faces legal barriers. Under this premise, the organization has executed its recent investment strategy.
As Lee explained: “Bitmine has maintained the increasing pace of ETH purchases over the past three weeks, as our base case is that ETH is in the final stages of ‘mini-crypto winter.'” Much of the ETH acquired by the firm is staked to generate more ETH, while the executive maintains his bullish stance with the objective of accumulating 5% of the supply of that cryptocurrency.
Dynamics of Ethereum corporate treasuries
Bitmine’s behavior coincides with a trend of absorption by institutional investors. Corporate treasuries have intensified the accumulation of the Ethereum cryptocurrency during the last monthmanaging to absorb double the net emission generated by the Ethereum network.
While the network issued 82,550 ETH in the last 30 days (discounting the ETH that was burned), corporate entities withdrew a net 164,100 units of the cryptocurrency from the market, as CriptoNoticias reported on March 19.
Currently, there are 67 entities that hold ETH in their treasuries, totaling a total of 7,330,978 ETHa figure that is equivalent to 6.06% of the global supply of the cryptocurrency.
Despite this institutional demand, the price of ether has shown weakness recently. In the last week its price has fallen 2.7%from $2,380 on Monday, March 16 to $2,121 today, as seen in the graph.
Former investor sales
In contrast to corporate accumulation, some long-term holders have chosen to mobilize their funds. An ether whale made a sale today, March 23, for almost 31 million dollars after keeping his coins in a wallet for more than 10 years. The investor sold 15,002 ETH through the Coinbase exchange.
However, this exit does not represent a total abandonment of the position by the former investor. The records indicate that the investor still keeps 14,814 ETH in his wallet, which represents about $31.8 million.