Bitmine adds $138M ETH as Tom Lee calls crypto a wartime store of value

Ethereum rebounds toward $2.2K as Bitmine accelerates ETH accumulation amid growing confidence that crypto winter is ending.

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Add us on Google by Estefano Gomez Mar. 23, 2026

Bitmine Immersion Technologies has expanded its Ethereum holdings with a $138 million purchase, adding to an already dominant position as ETH surged Monday on easing geopolitical fears.

The move comes as the firm continues to accelerate accumulation, signaling growing institutional conviction that Ethereum is entering a new phase of market recovery.

Ethereum climbed toward $2,200 after US President Donald Trump said planned strikes on Iran would be paused for five days amid ongoing talks. While conflicting reports from Iran suggested the negotiations may not have taken place, the initial headline was enough to lift risk assets. ETH later stabilized near $2,130 at press time, holding gains as markets weighed the mixed signals.

Bitmine now holds approximately 4.66 million ETH, valued around $2,072 per token, representing about 3.86% of total supply. The company also holds 196 Bitcoin, alongside $1.1 billion in cash and additional equity stakes, bringing total crypto, cash, and investment holdings to roughly $11 billion.

Chairman Tom Lee said Ethereum and the broader crypto market have outperformed traditional assets since the onset of the Iran conflict. He noted that ETH has gained roughly 18% over that period, beating equities by a wide margin, while gold has declined more than 15%. According to Lee, this divergence highlights crypto’s emerging role as a wartime store of value.

Bitmine has also continued to scale its staking operations, with more than 3.14 million ETH currently deployed, generating approximately $184 million in annualized revenue. The firm expects that figure to rise to $272 million as more of its holdings are staked through its validator infrastructure initiative, known as the Made in America Validator Network, set for rollout in 2026.

Recent purchases underscore a shift in pace. Bitmine acquired more than 65,000 ETH in the past week alone, above its prior weekly average of 45,000 to 50,000 ETH. Lee said the company views Ethereum as being in the final stages of a mini crypto winter, with improving fundamentals, staking yields, and regulatory clarity supporting a more constructive outlook.

He also pointed to advancing legislation in the US, including the Clarity Act, which is expected to define the regulatory status of digital assets. Prediction markets currently assign a greater than 68% probability that the bill will pass before year end, a development Lee said could serve as a major catalyst for Ethereum and the broader crypto market.

Disclosure: This article was edited by Estefano Gomez. For more information on how we create and review content, see our Editorial Policy.