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, has ramped up its cryptocurrency purchases. According to Chairman Tom Lee, there are increasing indications that the crypto '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. This purchase, valued at over $230 million at current prices, has raised BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury firms, excluding Michael Saylor's bitcoin-focused Strategy, have slowed or ceased buying, BitMine remains a significant buyer of ether, providing consistent 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. Lee stated that the firm believes the recent downturn 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 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 uses. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, approximately two-thirds of its holdings, which generates around $221 million in annualized revenue.