The company also said it has $1.2 billion in cash reserves.
The former Bitcoin mining company, chaired by Tom Lee, continued its impressive ETH accumulation, adding another 60,976 coins worth about $123 million.
Its total has reached 4,535,563 ETH, which is worth more than $9 billion at the current level. However, the company’s average entry price for its ETH holdings is still over $3,700 per coin, which means it’s still sitting on billions of dollars in unexpected losses.
In addition to owning 3.76% of the entire Ethereum supply, the company still owns 195 BTC, a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings, and $1.2 billion in cash reserves.
“Ethereum prices have shown resilience this week amid rising war concerns and rising oil prices. We believe crypto prices are in the late/final stages of a ‘mini-crypto winter’ and follow the key case made by Bitmine consultant Tom DeMark of DeMark Analytics.”
According to DeMark, ETH prices in 2026 will closely follow the path of the S&P 500 in the fall of 2011 and the fall of 1987,” Lee said.
He added that the correlation to these price trajectories for 2011 and 1987 is 89% and 93%, respectively. If these analogues continue, ETH prices will fall below $1,750 this week, which is in line with the general market structure in the final stages of the “mini-crypto winter”.
As a result, Lee explained that BitMine’s strategy will continue to be to slightly increase the accumulation rate of ETH.
ETH has rebounded in the past few hours following extreme market volatility caused by developments in the Middle East and is now above the coveted $2,000 level. However, an attempt to break the asset stopped at $2,200 last week and has not been able to resist those levels since then.
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