Bitmine Acquires $230 Million Worth of Ether in its Largest Weekly Purchase of 2026

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has intensified its cryptocurrency purchasing activity, with Chairman Tom Lee citing growing indications that the crypto 'mini-winter' is drawing 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 holdings to 4.97 million ETH. Notably, while most digital asset treasury firms have slowed or suspended buying activity, BitMine remains a prominent large-scale buyer of ether, providing a consistent source of 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. According to Lee, the firm believes that the recent decline in cryptocurrency 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 primary scenario suggests that ETH is in the final stages of the 'mini-crypto winter',' Lee stated. Furthermore, he 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 applications. Additionally, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.