Ethereum rises to $2,000 again after a turbulent weekend as a major corporate buyer expanded its already massive cryptocurrency holdings.
The price of Ethereum climbed about 4% in the past 24 hours, returning above the $2,000 level early Monday following several days trading below that mark. The rebound came as BitMine Immersion Technologies revealed it had significantly increased its ETH reserves.
According to the publicly traded firm, it purchased 60,976 ETH over the last week—worth roughly $123 million. The acquisition lifted the company’s total holdings to about 4,534,563 ETH, now valued at roughly $9.14 billion at current prices.
The company also reported holding about $1.2 billion in cash and approximately $13.4 million worth of Bitcoin.
BitMine chairman Tom Lee said the recent market swings highlight the digital asset’s resilience despite geopolitical tensions and rising energy prices.
He suggested the broader crypto market may be approaching the final stage of what analysts describe as a “mini crypto winter,” a period marked by falling prices and cautious investor sentiment.
Ethereum’s recent performance has been volatile. The cryptocurrency surged to about $2,179 last week during a broader market rally before sliding back below $2,000 by Friday. It remained under that level through the weekend before recovering Monday.
Despite the rebound, short-term market sentiment remains cautious. Traders on prediction platform Myriad currently assign a higher probability that ETH could fall toward $1,500 before reaching $3,000.
BitMine is now among the largest cryptocurrency treasury firms in the world. However, it still trails Strategy, which pioneered the corporate crypto treasury strategy and currently holds about $51 billion worth of Bitcoin.
Like many institutional crypto holders, BitMine has suffered significant unrealized losses due to market declines. Data from analytics site DropsTab estimates the firm’s paper loss on its ETH holdings at around $7.8 billion.
Ethereum remains well below its all-time high of $4,946 recorded last August, but the cryptocurrency has stabilized in recent weeks and is roughly flat over the past month.
BitMine said it has already staked about $6 billion worth of ETH to generate network rewards. The company plans to stake all of its holdings once its upcoming validator system launches, potentially generating about $259 million in annual yield.
Meanwhile, BitMine shares rose slightly Monday morning, even as broader markets reacted to rising oil prices and geopolitical tensions.
