Bitmine, the world's largest Ethereum (ETH) treasury firm, spent roughly $137 million to acquire 65,341 ETH last week, pushing its total holdings past $11 billion as the leading altcoin surged above $2,150 amid easing geopolitical tensions and growing optimism that the crypto downturn is nearing its end.
Bitmine's $137M ETH Purchase
The company disclosed the purchase in a weekly update on Monday, noting it had maintained an "increased pace of ETH buys in each of the past three weeks."
The latest acquisition marked a sharp jump from the 45,000-50,000 ETH range Bitmine had been buying in prior weeks.
As of Mar. 22, the firm holds 4,660,903 ETH, 196 Bitcoin (BTC), a $200 million stake in Beast Industries, a $95 million stake in Eightco Holdings through its "Moonshots" initiative, and $1.1 billion in unencumbered cash.
Bitmine now controls 3.86% of ETH's total supply and is approaching its stated target of 5% of the token's 120.7 million circulating supply.
The firm's total staked ETH stands at 3,142,643 tokens, valued at $6.5 billion at $2,072 per coin. Bitmine chairman Tom Lee said the company kept up its buying pace because its base case holds that "ETH is in the final stages of the 'mini-crypto winter.'"
Lee pointed to ETH's 18% gain since the Iran conflict began, noting it outperformed equities by 2,450 basis points. He called cryptocurrencies a "good 'wartime' store of value" and highlighted the U.S. Congress's recent progress on the CLARITY Act as a positive fundamental catalyst for Ethereum.
Also Read: Bitcoin Holders Quietly Stack $23B Worth Of BTC In 30 Days
Ali Martinez's ETH Analysis
ETH rose 8% from the $2,000 level on Monday after President Donald Trump announced a five-day postponement of planned strikes on Iranian energy infrastructure.
Analyst Ali Martinez said Ethereum is "showing signs of a major structural shift," with the strongest combination of technical support and on-chain signals in months.
Martinez noted that ETH is trading within a multi-year ascending triangle on the weekly chart, a pattern that points to a potential breakout toward $10,000. The recent dip to $1,800 aligned with the triangle's rising trendline, and on-chain data confirmed the recovery "wasn't just a random bounce," with the MVRV ratio dropping below 0.8 — a level he described as a historically "generational buy zone."
The key SuperTrend indicator has flipped from Sell to Buy for the first time since May, suggesting the extended sideways period may be ending.
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