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

BitMine Immersion Technologies (BMNR), a leading Ethereum-focused digital asset treasury firm, has ramped up its cryptocurrency purchasing pace, with Chairman Tom Lee citing growing indications that the crypto 'mini-winter' is coming to a close. The company announced on Monday that it had acquired 101,627 ether (ETH) in the previous week, marking its largest weekly acquisition since December 15. This purchase, valued at over $230 million at current prices, has increased BitMine's total ETH holdings to 4.97 million. Notably, this move occurs as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy (MSTR), have either slowed or halted their buying activities. As a result, BitMine remains one of the last major buyers of ether, providing a steady source of demand for ETH. The company's total crypto and cash holdings now stand at $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 believes that 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 noted that ether has experienced a sharp rise 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 roughly $221 million in annualized revenue.