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 firm, has intensified its cryptocurrency purchasing pace, as indicated by Chairman Tom Lee, who believes the crypto 'mini-winter' is nearing its end. On Monday, the firm announced the purchase of 101,627 ether (ETH) in the previous week, representing its largest weekly acquisition since December 15. Valued at approximately $230 million at current prices, this purchase has increased BitMine's total ETH holdings to 4.97 million. This development occurs amidst a slowdown or halt in buying activities among most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy (MSTR). As a result, BitMine remains one of the primary large-scale buyers of ether, providing a consistent source of demand for ETH. The firm's total crypto and cash holdings now amount to $12.9 billion, comprising its ETH treasury, 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. According to Lee, the firm observes signs that the recent decline 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 primary scenario suggests 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 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, equivalent to approximately two-thirds of its holdings, generating around $221 million in annualized revenue.