Bitmine Acquires $230 Million Worth of Ether, Marking Its Largest Weekly Purchase in 2026

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has intensified its cryptocurrency purchasing pace. Chairman Tom Lee expressed his optimism about the crypto market, citing indications that the current 'mini-winter' is drawing to a close. The company announced the acquisition of 101,627 ether, valued at over $230 million, representing its largest weekly purchase since December 15. This significant investment has boosted BitMine's total ETH holdings to 4.97 million. Notably, while other digital asset treasury firms have slowed or ceased their buying activities, BitMine remains a prominent buyer of ether, providing a consistent source of demand. The firm's total crypto and cash reserves now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes in various companies, including Beast Industries and Eightco Holdings. According to Lee, the company believes the recent decline in crypto prices is nearing its end, as evidenced by ETH's rebound and broader market trends. 'We have maintained an increased pace of ETH purchases over the past four weeks, as our analysis suggests that ETH is in the final stages of the 'mini-crypto winter',' Lee stated. He further noted 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 applications. Additionally, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.