BitMine Immersion Technologies doubled down on ether this week, executing its largest ETH purchase of 2026 even as most corporate treasuries retreated.
The company added 71,179 ETH — roughly $143 million at current prices — lifting its total ether holdings to more than 4.73 million ETH, or about 3.92% of the token’s supply, according to a Monday update. This marks the fourth consecutive week BitMine has accelerated buying, stepping up from a prior average of roughly 45,000–50,000 ETH to the larger weekly acquisition.
BitMine’s move contrasts sharply with the broader trend among large digital-asset treasuries (DATs), many of which paused purchases or sold into the market during the recent downturn. MicroStrategy (MSTR), the largest corporate holder of bitcoin with about 67,143.41 BTC, was among the only other big buyers in recent months — though its 13-week buying streak was recently suspended.
Chairman Thomas “Tom” Lee framed the buying as a strategic play on the market cycle, saying the firm views current conditions as the final phase of a downturn, with rising oil prices and geopolitical tensions continuing to weigh on risk assets.
On a consolidated basis, BitMine reported $10.7 billion in crypto and cash holdings. In addition to its ETH position the company holds 197 BTC and roughly $961 million in cash and equity stakes, including about $102 million invested in Eightco Holdings.
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