BitMine Goes on an ETH Shopping Spree, Snags Record 101,627 Ether—Nearly 5 Million Holdings Strong

BitMine Immersion Technologies (BMNR), the self-proclaimed king of Ethereum treasury accumulation, dropped its biggest weekly purchase of 2026 last week, gobbling up 101,627 ether (ETH) in what can only be described as the corporate equivalent of panic buying at a Costco—but with more zeros. The haul, worth a cool $230 million at current prices, marked the company's fattest weekly bounty since Dec. 15, pushing its total ETH stash to a nose-bleeding 4.97 million coins. BitMine remains one of the few digital asset treasuries with the courage to keep buying while everyone else contemplates their portfolios in the shower, with total crypto and cash holdings now sitting at a beefy $12.9 billion. The firm also moonlights as a modest bitcoin accumulator, holding 199 BTC, $1.12 billion in cash, and equity stakes in Beast Industries and Eightco Holdings.

Chairman Tom Lee—who apparently never got the memo about buying the dip being a solo activity—said the firm is spotting green shoots suggesting the crypto "mini-winter" might finally be thawing. "Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the 'mini-crypto winter,'" Lee said in a statement, probably while adjusting his crystal ball. Most other digital asset treasury companies have pulled back or flat-out stopped buying, leaving BitMine as one of the last institutional ETH whales still circling the pool—providing a rather lonely but impactful steady stream of demand for the asset.

Ether has clawed its way back from early February lows and has been flexing on equities since the start of the Iran conflict on Feb. 28, Lee proudly noted, pointing to demand driven by tokenization and AI-related use cases as the supporting cast for this rally. The firm has also kept busy expanding its staking operations, with more than 3.3 million ETH—roughly two-thirds of its holdings—currently locked up and earning yield. This staking position generates approximately $221 million in annualized revenue, which is basically a very expensive way to earn interest while everyone else wonders if they should have paid attention to DeFi sooner.