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 firm, has intensified its cryptocurrency buying spree, according to Chairman Tom Lee, who believes the crypto 'mini-winter' is nearing its end. The company announced on Monday that it had purchased 101,627 ether (ETH) the previous week, its largest weekly acquisition since December 15, valued at over $230 million at current prices, bringing its total ETH holdings to 4.97 million. This move comes as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed down or halted their buying activities. BitMine remains one of the few large-scale buyers of ether, providing a steady demand for ETH. The firm's total crypto and cash holdings now amount to $12.9 billion, comprising its ETH treasury, 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. Lee stated that the company sees indications that the recent decline in crypto prices is coming to an 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 is that ETH is in the final stages of the 'mini-crypto winter',' Lee said. He further added that ether has experienced a significant surge 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 uses. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, approximately two-thirds of its holdings, generating around $221 million in annualized revenue.