- BitMine added 69,760 ETH, pushing its treasury to more than 4.53 million ETH
- Strategy purchased 17,994 BTC worth about $1.28 billion during the pullback
- Both firms are doubling down on crypto despite recent market volatility
Bitcoin and altcoins pulled back last week after a sharp recovery, but the correction hasn’t scared away some of the largest institutional buyers in the market. Instead, companies like Strategy and BitMine used the dip as an opportunity to expand their crypto treasuries, reinforcing their long-term conviction in digital assets.
BitMine, widely considered one of the most aggressive institutional Ethereum bulls, revealed that it purchased another 69,760 ETH over the past week. That move lifted the company’s total Ethereum holdings to roughly 4,534,563 ETH, which now represents about 3.76% of Ethereum’s circulating supply. At a market price near $1,965 per ETH, the company’s massive treasury sits at several billion dollars in value.
BitMine Doubles Down on Ethereum
BitMine’s broader balance sheet highlights just how heavily the company is leaning into Ethereum. Alongside its ETH treasury, the firm reported holding 195 Bitcoin, about $1.2 billion in cash, and equity stakes in other companies. These include roughly a $200 million stake in Beast Industries and a smaller $14 million position in Eightco Holdings.
Altogether, the company says its total investment portfolio now stands at approximately $10.3 billion. Despite macro uncertainty and global tensions affecting markets, BitMine continues to increase its exposure to Ethereum.
Tom Lee Sees the End of a Mini Crypto Winter
BitMine CEO Tom Lee remains confident about Ethereum’s long-term trajectory. According to Lee, the cryptocurrency has shown resilience even as global markets deal with rising oil prices and escalating geopolitical tensions.
Lee described the current environment as the final stage of what he calls a “mini crypto winter.” In his view, the market is approaching a bottoming phase before the next major uptrend begins.
He also pointed to historical market patterns to support his outlook. Lee noted that Ethereum’s price behavior currently resembles the S&P 500 during major market lows in 1987 and 2011.
Historical Market Patterns Suggest a Bottom May Be Near
According to Lee, the correlation between Ethereum’s current price movements and those historical S&P 500 cycles is striking. The similarity reportedly shows correlation coefficients of roughly 89% and 93%, suggesting Ethereum may be following a similar path.
If that pattern holds, Lee believes Ethereum could potentially form a bottom slightly below its recent low of around $1,740 within a short time window. However, he also acknowledged that predicting an exact market bottom is nearly impossible.
Because of that uncertainty, BitMine has accelerated its buying strategy rather than trying to time the perfect entry.
Strategy Expands Its Massive Bitcoin Treasury
While BitMine continues stacking Ethereum, Strategy remains the most aggressive institutional Bitcoin buyer. The company recently disclosed that it purchased 17,994 BTC for roughly $1.28 billion at an average price of about $70,946 per coin.
As of March 8, 2026, Strategy holds approximately 738,731 Bitcoin. Those holdings were accumulated at an average purchase price of around $75,862, giving the firm one of the largest corporate Bitcoin treasuries in the world.
The parallel accumulation strategies from BitMine and Strategy highlight a broader trend: major institutional players are continuing to build massive crypto reserves even during periods of market volatility.
