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 accelerated its cryptocurrency purchasing pace. According to Chairman Tom Lee, there are increasing indications that the cryptocurrency 'mini-winter' is coming to an end. The company announced on Monday that it had purchased 101,627 ether (ETH) the previous week, its largest weekly acquisition since December 15. The purchase, valued at over $230 million at current prices, brings BitMine's total holdings to 4.97 million ETH. This move comes as most digital asset treasury firms, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed or halted their buying activities. BitMine remains one of the last major buyers of ether, providing a consistent source of demand for ETH. The company's total cryptocurrency 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 cryptocurrency 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 primary scenario suggests that ETH is in the final stages of the 'mini-crypto winter,'" Lee stated. He 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. BitMine has also continued to expand its staking operations, with over 3.3 million ETH staked, representing approximately two-thirds of its holdings, and generating around $221 million in annualized revenue.