Bitmine’s purchase of 60K Ethereum causes BMNR stock to surge, pushing total holdings to over $11.5 billion
March 16, 2026
Bitmine, a company backed by Tom Lee, saw its stock soar over 12% at the start of market trading on Monday following the announcement of its purchase of 60,999 Ethereum tokens. The surge in BMNR’s stock price was in response to a rally in the price of Ethereum, which outpaced that of Bitcoin, leading to gains across major cryptocurrencies.
With the addition of over 60,000 ETH to its balance sheet, Bitmine’s total holdings have reached an impressive $11.5 billion. In addition to Ethereum, the company’s assets include 196 Bitcoin, $200 million in Beast Industries, $83 million in Eightco Holdings, and $1.2 billion in cash.
Tom Lee, the Chairman of Bitmine Immersion Technologies, noted that the company has recently increased its ETH purchases, acquiring 60,999 ETH in the past week alone, up from an average of 45k to 50k weekly. This move signals their confidence in Ethereum as they believe it is approaching the end of a ‘mini-crypto winter.’
BMNR’s stock performance has attracted significant attention, with the token trending on Stocktwits and experiencing a surge in retail sentiment from ‘bullish’ to ‘extremely bullish’ levels. Meanwhile, the company’s total Ethereum holdings now exceed 4.5 million ETH, of which over 3 million are currently staked.
The positive momentum in BMNR’s stock was further fueled by a broader rally in Ethereum’s price, which saw a nearly 10% increase in the last 24 hours, surpassing $2,300. In comparison, Bitcoin experienced a more modest 4% price increase during the same period. This shift in price dynamics has led to a change in retail sentiment towards Ethereum from ‘bearish’ to ‘bullish.’
Tom Lee highlighted the impact of rising oil prices and geopolitical tensions on investor behavior, noting that concerns about economic growth are likely to drive investment towards assets such as cryptocurrencies. Over the past two weeks, crypto prices have outperformed traditional equities, with Ethereum showing an impressive 2,450bp outperformance compared to the S&P 500.
Bitmine’s acquisition of additional Ethereum is part of its strategy to accumulate 5% of the total supply of the cryptocurrency. Currently holding around 3.81% of the circulating ETH, the company aims to further increase its stake in Ethereum. Additionally, Bitmine has strengthened its market value through investments in Eightco and OpenAI, as well as appointing Tom Lee to its board.
Overall, Bitmine’s strategic moves and bullish outlook on Ethereum have positioned the company as a key player in the rapidly evolving cryptocurrency market, attracting investor interest and driving significant gains in its stock price.
