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

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has intensified its cryptocurrency purchase pace, 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 purchased 101,627 ether (ETH) during the previous week, representing its largest weekly acquisition since December 15. Valued at over $230 million at current prices, this purchase has elevated BitMine's total ETH holdings to 4.97 million. This development occurs as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have either reduced or ceased their buying activities. BitMine remains one of the primary large-scale buyers of ether, providing a consistent source of demand for ETH. The company's total crypto and cash holdings now amount to $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 firm is witnessing signs that 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 scenario suggests that ETH is in the final stages of the 'mini-crypto winter',' Lee stated. He further noted that ether has experienced a sharp increase 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 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 roughly $221 million in annualized revenue.