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

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has accelerated its cryptocurrency purchasing pace, with Chairman Tom Lee expressing optimism that the current crypto downturn is nearing its end. The company announced the acquisition of 101,627 ether last week, valued at over $230 million at current prices, representing its largest weekly purchase since December 15. This significant purchase brings BitMine's total ETH holdings to 4.97 million. Notably, while many digital asset treasury firms have slowed or halted their buying activities, BitMine continues to be a major buyer of ether, providing sustained demand for the cryptocurrency. The company's total holdings of cryptocurrency and cash 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. According to Lee, indicators suggest that the recent decline in crypto prices is approaching its conclusion, citing the rebound of ETH and broader market trends. "We have maintained an increased pace of ETH purchases over the past four weeks, as our core assumption is that ETH is in the final stages of the 'mini-crypto winter,'" Lee stated. He further noted that ether has experienced a sharp increase from its early February lows and has outperformed equities since the onset of the Iran conflict on February 28, driven by demand related to tokenization and AI applications. Additionally, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, equivalent to approximately two-thirds of its holdings, generating around $221 million in annualized revenue.