BitMine Aggressively Expands Ether Treasury with $230 Million Weekly Purchase

BitMine Immersion Technologies (BMNR) has significantly accelerated its acquisition of ether, purchasing 101,627 ETH last week. The transaction, valued at over $230 million at current market prices, represents the company's largest weekly purchase since December 15. This aggressive accumulation brings BitMine's total holdings to 4.97 million ETH. The firm stands out as one of the few large-scale digital asset treasuries continuing to buy during a period where most peers have paused or reduced their activity, with the exception of MicroStrategy. Beyond its ether holdings, BitMine reports total crypto and cash assets of $12.9 billion. This diversified treasury includes 199 bitcoin, $1.12 billion in cash, and strategic equity investments in Eightco Holdings and Beast Industries. Chairman Tom Lee indicated that the firm views the current 'mini-crypto winter' as being in its final stages. Lee noted that ETH has shown resilience and outperformed equities since the onset of the Iran conflict, driven by increased demand for AI-related use cases and tokenization. Furthermore, the company is leveraging its holdings through staking operations. By staking approximately two-thirds of its portfolio—over 3.3 million ETH—BitMine is generating an estimated $221 million in annualized revenue.