BitMine ramps up ETH buying, says “mini crypto winter” is ending
BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury firm, significantly accelerated its ETH accumulation last week — buying 60,976 ether (ETH), roughly $120 million at current prices. That purchase brought BitMine’s holdings to more than 4.5 million ETH, valued at over $9 billion, the company said in a Monday update. It was the firm’s largest weekly token purchase of 2026 so far.
The company has been steadily adding to its treasury throughout the market downturn, even as unrealized losses on the position sit at an estimated $7.8 billion, according to DropsTab. Still, BitMine’s leadership says market signals point to a potential bottom and is nudging up the pace of buys.
“We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter,’” Chairman Thomas Lee said. He noted BitMine raised its weekly accumulation from a recent average of roughly 45,000–50,000 ETH to the higher level, adding: “As the adage goes, nobody rings the bell at the bottom. Therefore BitMine’s strategy is to slightly increase its pace of ETH accumulation.”
BitMine also generates staking revenue from its holdings. The firm said it currently earns $174 million annually from staking more than 3 million ETH; that figure could rise to $259 million if all tokens are locked to earn yield. The move underscores BitMine’s long-term conviction in Ethereum even as markets remain volatile.
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