Bitmine Invests Over $230 Million in Ether, Marking Its Largest Weekly Acquisition of 2026

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has ramped up its cryptocurrency purchases as Chairman Tom Lee indicates that the crypto 'mini-winter' is coming to a close. The company announced on Monday that it had acquired 101,627 ether (ETH) in the previous week, its largest weekly acquisition since December 15. Valued at over $230 million at current prices, this purchase brings BitMine's total ETH holdings to 4.97 million. This move is notable as most other digital asset treasury firms, with the exception of Michael Saylor's bitcoin-focused Strategy, have either reduced or ceased their buying activities. As a result, BitMine remains one of the primary large-scale buyers of ether, providing a consistent source of demand for ETH. The company's combined crypto and cash holdings now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash and equity, and investments in notable companies such as Beast Industries and Eightco Holdings. According to Lee, the firm 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 analysis suggests 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 start of the Iran conflict on February 28, driven by demand related to tokenization and AI applications. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, or approximately two-thirds of its holdings, generating around $221 million in annualized revenue.