Bitmine Invests Over $230 Million in Ethereum, Marks Largest Weekly Acquisition in 2026

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has stepped up its cryptocurrency purchasing pace. According to Chairman Tom Lee, the company is witnessing signs that the current crypto downturn is nearing its end. Last week, BitMine acquired 101,627 ether, valued at over $230 million at current prices, marking its largest weekly purchase since December 15. This move brings the company's total ETH holdings to 4.97 million. Notably, while other digital asset treasury firms have slowed or ceased buying, BitMine remains a significant buyer of ether, providing consistent demand for the cryptocurrency. The company's total crypto and cash reserves now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes in various investments. Lee expressed optimism about the crypto market, citing the rebound in ETH prices and broader market trends. He stated, 'We have maintained an increased pace of ETH purchases over the past four weeks, as we believe ETH is in the final stages of the crypto 'mini-winter.'' Lee also highlighted ether's sharp rise from its early February lows and its outperformance of equities since the start of the Iran conflict on February 28, driven by demand related to tokenization and AI applications. Furthermore, BitMine has expanded its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.