Bitcoin and altcoins experienced a price pullback last week after their sharp recovery.
However, this pullback did not stop Bitcoin (BTC) and Ethereum (ETH) bulls Strategy and BitMine, and both companies made additional purchases.
At this point, BitMine, the largest institutional Ethereum bull, announced last week that it had purchased an additional 69,760 ETH.
Accordingly, BitMine added 69,760 coins last week, increasing its Ethereum treasury to 4,534,563 ETH, valued at $1,965 per ETH, bringing its total ETH holdings to approximately 3.76% of the circulating supply.
Bitmine also added that it holds 195 BTC, a $200 million stake in Beast Industries, a $14 million stake in Eightco Holdings, and a total of $1.2 billion in cash. It stated that its total investments amount to $10.3 billion.
As Bitmine continues to increase its holdings of ETH, Bitmine CEO Tom Lee has once again expressed his faith in Ethereum.
Tom Lee stated that despite recent war concerns and rising oil prices, the Ethereum price has shown resilience, adding, “We see the current situation as the final phase of a mini crypto winter.”
Lee noted that Ethereum’s price movement resembled the S&P 500 index’s lows in 2011 and 1987.
“The price path and correlation coefficient for the two periods are 89% and 93%, respectively. If this similarity between Ethereum and the S&P 500 index continues, it is likely that ETH will form a bottom below its recent low of $1,740 between 8 and 14.”
Tom Lee concluded by stating that no one had predicted the bottom, which is why the company accelerated its ETH purchases.
Strategy, the largest institutional Bitcoin bull, announced last week that it purchased 17,994 BTC for approximately $1.28 billion at an average price of $70,946. As of March 8, 2026, the company holds 738,731 BTC, worth approximately $56.04 billion at an average price of $75,862.
*This is not investment advice.