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

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has accelerated its cryptocurrency purchasing pace. According to Chairman Tom Lee, there are increasing indications that the crypto 'mini-winter' is coming to an end. The company announced on Monday that it had purchased 101,627 ether (ETH) the previous week, marking its largest weekly acquisition since December 15. At current prices, this purchase is worth over $230 million, bringing BitMine's total ETH holdings to 4.97 million. This move stands out as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have either reduced or ceased their buying activities. As a result, BitMine remains one of the primary large-scale buyers of ether, providing a consistent source of demand 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, including investments in Beast Industries and Eightco Holdings. Lee noted that the firm believes the recent decline in crypto prices is nearing its end, citing 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 that ETH is in the final stages of the 'mini-crypto winter',' Lee stated. He further added 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 applications. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, or approximately two-thirds of its holdings, generating around $221 million in annualized revenue.