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

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has intensified its cryptocurrency purchasing pace. According to Chairman Tom Lee, the company is witnessing growing indications that the cryptocurrency 'mini-winter' is drawing to a close. The firm announced on Monday that it had purchased 101,627 ether (ETH) during the previous week, representing its largest weekly acquisition since December 15. The purchase, valued at over $230 million at current prices, has raised BitMine's total ETH holdings to 4.97 million. This development occurs as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed or ceased their buying activities. BitMine remains one of the last large-scale buyers of ether, providing a steady source of demand for ETH. The company's total crypto and cash holdings now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes, including investments in Beast Industries and Eightco Holdings. Lee stated that the firm perceives signs that the recent decline in cryptocurrency prices is nearing its end, citing ETH's rebound and broader market trends. 'Bitmine has maintained an increased pace of ETH purchases over the past four weeks, as our base case suggests that ETH is in the final stages of the 'mini-crypto winter',' Lee said. He further added that ether has experienced a sharp rise 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, having staked over 3.3 million ETH, or approximately two-thirds of its holdings, generating around $221 million in annualized revenue.