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

BitMine Immersion Technologies, a leading digital asset treasury firm focused on Ethereum, has intensified its cryptocurrency purchasing pace. According to Chairman Tom Lee, the company is witnessing indications that the current cryptocurrency 'mini-winter' is drawing to a close. The firm announced on Monday the acquisition of 101,627 ether, valued at over $230 million at current prices, marking its largest weekly purchase since December 15. This significant purchase has elevated BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury companies have slowed or ceased buying activities, with the exception of Michael Saylor's bitcoin-focused Strategy, BitMine remains a prominent large-scale buyer of ether, providing a steady demand source 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 in various investments, including Beast Industries and Eightco Holdings. Tom Lee expressed that the company believes the recent decline in cryptocurrency 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 suggests ETH is in the final stages of the 'mini-crypto winter',' Lee stated. Furthermore, he noted that ether has experienced a sharp rise from its early February lows, outperforming equities since the onset 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.