Bitmine Acquires 101,627 Ether Valued at Over $230 Million, Marking Its Largest Weekly Acquisition in 2026

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has intensified its cryptocurrency purchasing pace, according to Chairman Tom Lee, who believes the current 'crypto mini-winter' is nearing its end. The company announced on Monday the purchase of 101,627 ether, valued at over $230 million at current prices, representing its largest weekly acquisition since December 15. This purchase brings BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury firms have slowed or ceased their buying activities, BitMine remains a significant buyer of ether, providing a steady demand source for ETH. The company's total cryptocurrency and cash holdings now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. Lee noted that the firm observes signs indicating the recent decline in cryptocurrency prices is nearing its conclusion, citing the rebound of ETH and broader market trends. 'Bitmine has maintained an increased pace of ETH purchases over the past four weeks, as our primary scenario suggests ETH is in the final stages of the 'mini-crypto winter',' Lee stated. He further added that ether has experienced a sharp increase from its early February lows and has outperformed equities since the start of the Iran conflict on February 28, driven by demand related to tokenization and AI-related applications. Additionally, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.