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

BitMine Immersion Technologies (BMNR), a leading Ethereum-based digital asset treasury firm, has intensified its cryptocurrency purchasing activity. According to Chairman Tom Lee, there are increasing indications that the current 'mini-winter' in the crypto market is coming to an end. On Monday, the company announced the purchase of 101,627 ether (ETH) in the previous week, the largest weekly acquisition since December 15. With a value of over $230 million at current prices, this purchase has increased BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury companies have slowed down or ceased their buying activities, BitMine continues to be a significant buyer of ether, thereby providing a stable source of demand for ETH. The exception is Michael Saylor's bitcoin-focused company, Strategy (MSTR). The total value of BitMine's cryptocurrency and cash holdings now stands at $12.9 billion. In addition to its ETH treasury, the company holds 199 bitcoin, $1.12 billion in cash, and equity stakes in various companies, including Beast Industries and Eightco Holdings. Tom Lee stated that the company believes the recent decline in cryptocurrency prices is nearing its end, citing the rebound of ETH and broader market trends as evidence. "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 explained. 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 applications. Moreover, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, equivalent to approximately two-thirds of its holdings. This generates an annualized revenue of roughly $221 million.