Bitmine Doubles Down on ETH as Energy Prices Shake Crypto Markets

Bitmine Immersion increased its ether holdings last week with a purchase of 71,672 ETH, valued at around $154–$157 million. This marks a strong jump from the previous week’s 26,000 ETH acquisition, signaling faster accumulation during the recent market downturn.

The company now holds close to 5.28 million ETH, representing about 4.37% of Ethereum’s circulating supply. Its total holdings stand near $12.6 billion, including 202 BTC, $685 million in cash, and equity positions in Beast Industries and Eightco Holdings (ORBS).

Chairman Tom Lee said the latest dip below $2,200 created an attractive buying opportunity. He pointed to rising oil prices as the main factor behind Ethereum’s weakness, calling it the “biggest headwind” for ETH. According to Lee, Ethereum has shown a strong inverse correlation with crude oil over the past six weeks, with higher energy prices aligning with ETH declines.

He added that if oil prices reverse, Ethereum could recover, emphasizing that Bitmine and Strategy (MSTR) remain among the few large digital asset treasury firms continuing active accumulation during market pressure.