Bitmine Makes Largest Weekly Purchase of 2026 with $230 Million Ether Acquisition

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has accelerated its cryptocurrency purchase pace, with Chairman Tom Lee citing growing indications that the crypto 'mini-winter' is coming to an end. The company announced on Monday that it had acquired 101,627 ether (ETH) in the previous week, marking its largest weekly purchase since December 15. This acquisition, valued at over $230 million at current prices, has boosted BitMine's total ETH holdings to 4.97 million. Notably, BitMine remains one of the few large-scale buyers of ether, providing a consistent source of demand for the cryptocurrency. The firm's total holdings of cryptocurrency and cash now stand at $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. According to Lee, the company believes that the recent decline in crypto prices is nearing its end, pointing to 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 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 uses. Additionally, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.