Why did Bitmine buy another 71,672 Ether?

Bitmine Immersion Technologies said it viewed Ether prices below $2,200 as an attractive buying opportunity during the recent market pullback. Chairman Tom Lee said the company remains focused on long-term Ether accumulation despite short-term volatility.

How much Ether does Bitmine now hold?

Bitmine’s Ether treasury now exceeds 5.2 million ETH. The company is targeting ownership of roughly 5% of Ether’s circulating supply, which currently stands near 120.7 million ETH.

Why is Bitmine compared with Michael Saylor’s strategy?

Bitmine is using a treasury accumulation strategy similar to Michael Saylor’s Bitcoin-focused approach at Strategy. Instead of Bitcoin, Bitmine is aggressively accumulating Ether as a long-term corporate reserve asset.

Is this bullish for Ethereum prices?

Large institutional-style purchases can support bullish sentiment because they reduce available circulating supply and signal long-term confidence in Ethereum. However, Ether prices still depend heavily on macroeconomic conditions, market liquidity and investor risk appetite.

Why has Ether been under pressure recently?

Tom Lee said rising oil prices and geopolitical tensions linked to Middle East conflict have weighed on Ether and broader crypto markets. Higher energy prices and macro uncertainty often reduce investor appetite for risk assets like crypto.

What price range has Ether traded in recently?

Ether traded between roughly $2,081 and $2,341 over the past seven days. ETH was trading near $2,128 on Tuesday after falling around 8.7% during the week.

What are analysts predicting for Ether next?

Forecasts remain mixed. Citigroup projected ETH could reach $3,175 within 12 months in its base case, while Standard Chartered previously forecast Ether could climb as high as $7,500 by year-end in a bullish scenario.

Why are institutional investors interested in Ether?

Institutional interest in Ether is increasingly tied to stablecoins, tokenization and blockchain infrastructure growth. Ethereum remains the largest smart contract network for decentralized finance and tokenized asset applications.

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Bitmine buys 71,672 Ether during market pullback

Written by Mahathir BayenaPublished May. 19 2026Last Updated May. 19 2026

Bitmine Immersion Technologies purchased another 71,672 Ether during a recent market decline, with chairman Tom Lee describing ETH prices below $2,200 as an “attractive opportunity” for accumulation.

Ether traded between $2,081 and $2,341 over the past week and was changing hands near $2,128 on Tuesday, down roughly 8.7% over the seven-day period amid broader market weakness.

“Over the past week, we acquired 71,672 ETH,”

Lee said Monday, adding:

“We view the recent pullback of ETH to below $2,200 as an attractive opportunity.”

Bitmine has emerged as the largest Ether treasury company, operating a strategy similar to Michael Saylor’s Bitcoin accumulation model through aggressive long-term crypto treasury purchases.

The company’s Ether holdings now exceed 5.2 million ETH, as Bitmine continues pursuing its goal of eventually controlling 5% of Ether’s circulating supply of approximately 120.7 million tokens.

The buying activity also coincided with reports from blockchain analytics platform Lookonchain that an early Ethereum whale who sold holdings last year had returned to the market by purchasing 1,951 Ether near $2,182 over the weekend.

Lee said higher oil prices linked to escalating Middle East conflict had weighed on Ether’s recent performance, while analysts from firms including Citigroup and Standard Chartered continue forecasting potential upside for ETH driven by stablecoin growth, tokenisation demand and expanding blockchain adoption.

At the time of reporting, Ethereum price was $2,133.72.