Bitmine buys 60,999 ether as Tom Lee touts crypto strength amid Iran war

Finance Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitmine buys 60,999 ether as Tom Lee touts crypto strength amid Iran war The ether treasury firm now holds nearly 4.6 million ETH, while maintaining a $1.2 billion cash position despite ramping up acquisitions. By Krisztian Sandor | Edited by Sheldon Reback Mar 16, 2026, 1:02 p.m. Make us preferred on Google Bitmine Chairman Thomas Lee (David Paul Morris/Consensus modified by CoinDesk) What to know : Bitmine Immersion Technologies bought 60,999 ether last week, bringing its total ETH holdings to about 4.6 million tokens valued at roughly $10 billion while keeping $1.2 billion in cash. The firm now stakes 3.04 million ETH, generating about $180 million in annualized revenue with the potential to reach $272 million as it locks up more tokens. Chairman Tom Lee said that the rising oil price due to the Iran war has triggered economic growth concerns, driving investors toward crypto assets. Bitmine Immersion Technologies (BMNR), the largest ether-focused treasury firm, bought 60,999 ether (ETH) last week as it continues to build up its holdings of the second-largest cryptocurrency by market capitalization. In token terms, the purchase was the company's biggest this year, though only a small increase from the previous week's 60,976 ETH haul. The latest purchase, worth nearly $140 million at current prices, lifted Bitmine’s ETH holdings to 4,595,562 tokens, valued at more than $10 billion, according to a Monday update from the company. The firm maintained a $1.2 billion cash holding, even though it increased its stake in Worldcoin-focused (WLD) treasury firm Eightco (ORBS) last week alongside its ETH purchase. Bitmine's stock was nearly 9% higher pre-market as crypto prices rebounded over the weekend. ETH has advanced 8.4% over the past 24 hours. The firm has steadily added to its treasury throughout the recent market downturn, even as unrealized losses on its position are estimated at around $6.5 billion, according to data from DropsTab . Chairman Thomas "Tom" Lee said recent geopolitical tensions have not weighed on crypto prices as much as other assets. "Since the start of the Iran war, crypto prices have outperformed and Ethereum has outperformed the S&P 500 by 2,450 basis points," Lee said in a statement. "In our view, higher oil is triggering concerns of slowing growth for the global economy. And when investors worry about growth, they buy 'growth stocks' including MAG7, software and crypto." Bitmine continues to generate income from staking a large share of its ether holdings. The firm said it now earns about $180 million in annualized revenue from staking 3.04 million ETH, with potential staking revenue reaching $272 million once more of its tokens are locked to earn yield. Read more: Ethereum Foundation sells 5,000 ether to Tom Lee's BitMine in $10.2 million deal Ethereum News Bitmine More For You U.S., UK, Canada start Operation Atlantic to disrupt crypto approval-phishing scams By Olivier Acuna | Edited by Sheldon Reback 12 minutes ago International law enforcement effort targets approval-phishing schemes tied to crypto investment fraud. What to know : Law enforcement agencies in the U.S., U.K. and Canada started Operation Atlantic to disrupt cryptocurrency fraud schemes known as approval-phishing attacks. These scams trick victims into granting wallet permissions via fake alerts or pop-ups, allowing criminals to seize control of crypto wallets and move funds in irreversible blockchain transactions. Building on earlier efforts such as Project Atlas and Operation Spincaster, authorities say the initiative will focus on real-time disruption of scams, victim warnings and guidance on securing compromised wallets and recovering stolen assets. Read full story Latest Crypto News U.S., UK, Canada start Operation Atlantic to disrupt crypto approval-phishing scams 12 minutes ago Metaplanet raises $255 million to accelerate bitcoin accumulation 50 minutes ago Michael Saylor's Strategy made another huge buy of bitcoin, adding $1.57 billion worth last week 51 minutes ago SEC drops lawsuit against BitClout’s Nader Al-Naji 56 minutes ago South Korea fines Bithumb $24 million, orders 6-month partial suspension over money laundering violations 58 minutes ago Memecoins outpace bitcoin, ether as 'barbell strategy' wins out 1 hour ago Top Stories Altcoins jump as bitcoin inches toward potential $74,000 breakout 2 hours ago Crypto trading firm BlockFills files for bankruptcy 8 hours ago Bitcoin's price trades above its 50-day average as bullish move gathers pace 8 hours ago AI developers may not be keen on crypto, but stablecoins are the secret to agentic finance, crypto insiders say Mar 14, 2026 Wall Street pushes tokenized stocks, but institutions aren’t eager to trade them Mar 14, 2026 Crypto’s multimillion F1 sponsorship under fire as Middle East war hits region's biggest events Mar 14, 2026