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 intensified its cryptocurrency purchasing pace, with Chairman Tom Lee citing indications that the crypto 'mini-winter' is drawing to a close. The company announced on Monday that it had purchased 101,627 ether (ETH) the previous week, its largest weekly acquisition since December 15. This purchase, valued at over $230 million at current prices, has increased BitMine's total holdings to 4.97 million ETH. This move is notable as most digital asset treasury firms, with the exception of Michael Saylor's bitcoin-focused Strategy, have either slowed down or halted their buying activities. As a result, BitMine remains one of the last major 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 company believes that the recent decline in crypto prices is nearing its end, pointing to 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 is 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 start of the Iran conflict on February 28, driven by demand related to tokenization and AI-related uses. 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.