Tom Lee-backed Bitmine buys $95 million in ETH as staking push accelerates

Bitmine Immersion Technologies Inc., backed by Tom Lee, added another 45,000 ETH worth about $95 million, stepping up its year-long Ethereum accumulation campaign. Arkham Intelligence data shows the purchase was recorded on Wednesday, April 1, across two transfers: 20,000 ETH valued at $42.36 million and 25,000 ETH valued at $52.94 million. The company has positioned the strategy as an effort to ultimately control 5% of Ethereum's total supply. The buying has continued even as ETH has fallen from the $3,000 range to around the low-$2,000s, with Bitmine also expanding its staking activity alongside spot accumulation. In a separate update, the firm staked an additional 167,578 ETH worth roughly $340 million on March 31, lifting its total staked reserve to more than 3.3 million ETH—close to $7 billion committed to Ethereum's proof-of-stake network. Because staked ETH is not readily available for sale, large-scale staking can reduce tradable supply and curb near-term sell-side pressure, while also slowing the pace at which liquidity can return during market stress. Since the start of 2026, Bitmine has accelerated purchases. In the last week of March alone, it bought more than 71,179 ETH worth $142 million. The firm now holds about 4.7 million ETH valued at over $9.5 billion, roughly 3.9% of total Ethereum supply, narrowing the gap to its stated 5% target. Bitmine's backers include ARK Invest, Founders Fund, Pantera, and Galaxy Digital. Market reaction was mixed. BMNR shares slipped 0.51% to $19.68 in the latest session despite the accumulation headlines. ETH traded just above $2,100, testing resistance near $2,150 after oscillating between roughly $2,000 and $2,100 in recent weeks. Technically, resistance is concentrated in the $2,100–$2,150 zone. A break higher could open the door to a move beyond $2,200. On the downside, $2,000 remains the key support; a decisive breakdown could put a retest below $1,900 back in play.