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, according to Chairman Tom Lee, who believes the crypto 'mini-winter' is nearing its end. The company announced on Monday that it purchased 101,627 ether (ETH) last week, the 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. Notably, while most digital asset treasury firms have slowed or ceased buying, BitMine remains a significant buyer of ether, providing consistent demand for ETH. The firm's total cryptocurrency and cash holdings now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. Lee stated that the company observes signs indicating the recent decline in crypto prices is nearing 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 base case is that ETH is in the final stages of the 'mini-crypto winter',' Lee said. He further noted that ether has sharply risen 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.