Ethereum Price and BitMine Shares Jump 10% After Latest Treasury Buy

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Ahmed Balaha

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Ahmed Balaha is a journalist and copywriter based in Georgia with a growing focus on blockchain technology, DeFi, AI, privacy, digital assets, and fintech innovation.

Last updated:

March 2, 2026

BitMine adds $103M in ETH, lifting holdings to 3.7% of supply as shares jump 9%, fueling bullish Ethereum price above $2,000.

BitMine Immersion Technologies (BMNR) just doubled down on Ethereum, fueling bullish price predictions.

The publicly traded treasury added 50,928 ETH last week, spending about $103 million. The move sparked a 9% jump in BMNR shares and lined up with a strong bounce in Ethereum’s spot price.

With this buy, BitMine now holds 4,473,587 ETH, roughly 3.71% of the total circulating supply. That is not passive exposure. It is an aggressive accumulation strategy, even with market conditions still shaky.

Key Takeaways:

BitMine added 50,928 ETH to its balance sheet, raising total holdings to roughly $9 billion.
BMNR shares surged over 9% following the disclosure, outperforming broader market indices.
The firm is now staking over 3 million ETH, projecting estimated annualized revenues of up to $172 million.

BitMine Pursues ‘Alchemy of 5%’ Despite Paper Losses

BitMine’s latest buy is part of a bigger mission. The company wants control of 5% of Ethereum’s total supply, which Chairman Tom Lee calls the “alchemy of 5%.”

Lee framed the recent dip as an opportunity, arguing that ETH fundamentals are stronger than price suggests. Even with roughly $7.7 billion in unrealized losses on paper, leadership is not backing off. They see Ethereum as core financial infrastructure, not just a speculative asset.

The difference is strategy. BitMine is not just holding ETH. It is staking aggressively. The firm claims to have staked more ETH than any other entity and expects an annual yield of more than $253 million once its Made in America Validator Network goes fully live in 2026.

That active yield model separates it from passive treasury plays. It turns ETH into a productive balance sheet asset rather than idle reserves.

This push mirrors broader institutional moves into crypto infrastructure. While retail remains cautious, corporate players are building quietly.

For traders, $2,100 is the key level. If Ethereum reclaims it and BitMine keeps buying weekly, that steady demand could act as a structural floor heading into the next cycle.

BMNR Shares Break Out as ETH Holds $2,000

The market reacted fast.

BitMine shares (NYSE: BMNR) jumped more than 9% after the disclosure, as investors leaned into the company’s heavier exposure to a potential Ethereum rebound. At the same time, ETH bounced to around $2,037, trying to stabilize after a roughly 22% monthly slide.

Traders read the treasury purchase as a high-conviction signal. Volume picked up across both the stock and ETH, tightening the correlation between BMNR and spot prices.

At this point, BMNR is effectively trading as a leveraged proxy for Ethereum. When ETH moves, the stock is likely to amplify that move in either direction.

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