Bitmine Acquires $230 Million Worth of Ether, Marking Its Largest Weekly Purchase in 2026

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has accelerated its cryptocurrency purchasing pace, with Chairman Tom Lee indicating that the crypto 'mini-winter' is nearing its end. The company announced the purchase of 101,627 ether, valued at over $230 million, representing its largest weekly acquisition since December 15. This significant buy has boosted BitMine's total ETH holdings to 4.97 million. Notably, while other digital asset treasury companies have reduced or ceased their buying activities, BitMine continues to be a major buyer of ether, providing consistent demand for the cryptocurrency. The firm's total crypto and cash holdings currently stand at $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash and equity stakes, including investments in Beast Industries and Eightco Holdings. According to Lee, the company believes the recent decline in crypto prices is nearing its conclusion, 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 stated. He further noted that ether has experienced a significant surge from its early February lows and has outperformed equities since the onset 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, generating approximately $221 million in annualized revenue.