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

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has increased the pace of its cryptocurrency purchases. This move is accompanied by Chairman Tom Lee's observation of growing indications that the crypto 'mini-winter' is coming to an end. The company announced on Monday that it had purchased 101,627 ether (ETH) in the previous week, representing its largest weekly acquisition since December 15. The purchase, valued at over $230 million at current prices, has raised BitMine's total ETH holdings to 4.97 million. This development occurs at a time when most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have either slowed down or halted their buying activities. As a result, BitMine has emerged as one of the last major buyers of ether, providing a consistent source of demand for ETH. The company's total crypto and cash holdings currently stand at $12.9 billion. In addition to its ETH treasury, BitMine holds 199 bitcoin, $1.12 billion in cash, and equity stakes in various companies, including investments in Beast Industries and Eightco Holdings. According to Lee, the company 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. BitMine has also 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.