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, has intensified its crypto acquisition efforts, with Chairman Tom Lee indicating that the crypto 'mini-winter' is nearing its end. The company announced on Monday the purchase of 101,627 ether, valued at over $230 million at current prices, representing its largest weekly acquisition since December 15. This significant buy has elevated BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury firms have slowed or ceased their buying activities, BitMine remains a prominent large-scale buyer of ether, providing a steady demand source for ETH. The firm's combined crypto and cash reserves now amount to $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 is witnessing signs that the recent downturn in crypto prices is approaching its conclusion, citing ETH's rebound and broader market trends. 'Bitmine has maintained an increased pace of ETH purchases over the past four weeks, as our forecast 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, having staked over 3.3 million ETH, approximately two-thirds of its holdings, generating around $221 million in annualized revenue.