TL;DR:
- BitMine bought $102.05M of ETH, lifting holdings to about $8.97B, over 3.7% of supply, despite roughly $7B unrealized losses.
- About 67% of its ETH is staked and the firm is targeting 5% of circulating ETH, calling current levels an entry point as winter ends.
- ETH ranged from $1,840 support to $2,000 resistance, briefly hit $2,000 then fell to about $1,956; Strategy also bought 3,015 BTC for $204.1M.
BitMine, the crypto treasury company led by investor Tom Lee, added another $102.05 million worth of Ethereum over the past week, according to an Arkham Research report. The purchases lift its ether position to about $8.97 billion, more than 3.7% of circulating ETH, while the firm targets 5% long term. Even with 67% of holdings staked and valued a little above $6 billion, the tracker said BitMine is sitting on roughly $7 billion in unrealized losses and keeps pressing higher. A $102M buy despite $7B paper losses is the headline.
TOM LEE IS STILL BUYING ETH pic.twitter.com/ZOzN8FZnAo
— Arkham (@arkham) March 3, 2026
Treasury strategy and market context
BitMine’s posture is straightforward: build a structural treasury position, then lock a large share into staking. Arkham’s snapshot implies the firm is treating ETH like a long-duration reserve asset, even while the mark-to-market drawdown dominates headlines. Tom Lee, per the same report, sees current levels as an entry point because he believes the crypto winter is nearing an end. That framing aligns with accumulation toward a 5% ETH supply goal, an unusually explicit benchmark that turns quarterly disclosures into a running scoreboard. For investors, the key question becomes persistence and how staking changes liquidity needs.
The buying spree is landing into a choppy tape. Over the past week, ether traded in a range, finding support around $1,840 and repeatedly meeting resistance at $2,000. Early Monday it surged about 8% and briefly touched $2,000 for the first time since Feb. 25, before sliding 6.44% to roughly $1,956. The sequence underscores ETH whipsaw volatility between $1,840 support and $2,000 resistance, a setup where large treasury bids can matter at the margin, but can also get tested quickly. The report added that whales have begun accumulating as well, suggesting buying interest remains intact.
BitMine is not alone in treating crypto as balance-sheet inventory. The same report noted Strategy, the largest corporate bitcoin holder, disclosed another purchase of 3,015 BTC for about $204.1 million at roughly $67,700 per coin, lifting holdings to 720,737 BTC acquired for about $54.77 billion at an average near $75,985. In this landscape, corporate treasuries keep buying into volatility, but with different playbooks: Strategy averages into BTC dominance, while BitMine concentrates on ETH and staking. That divergence will shape sentiment. Watch whether BitMine keeps adding while ETH stays below $2,000, and whether its loss narrows.
