Ethereum-centric public company BitMine Immersion Technologies has made its most substantial weekly acquisition this year, purchasing 101,627 ETH valued at approximately $235 million. This purchase nearly propels the firm over the 5 million ETH mark.
With this latest addition, BitMine’s holdings now total 4,976,485 ETH, worth in excess of $11.5 billion. Additionally, it holds 199 Bitcoin, valued around $15 million, and has cash reserves of $1.12 billion as per its most recent Monday update.
“Despite some predictions that the crypto winter could persist until fall 2026, we believe it is nearing its end,” stated BitMine Chairman Tom Lee in a press release. (Disclosure: Lee is an investor in Dastan, which owns Decrypt, an editorially independent entity.)
In recent trading activity, Ethereum has seen a decrease of about 1.1% over the past day, with prices hovering at $2,312. However, it experienced a 5.4% increase over the last week.
“As risks associated with potential U.S.-Iran conflict lessen, ETH has surged by 41% since its February low,” observed Lee. “ETH’s role as a ‘war-time store of value’ and its leadership position since the onset of tensions are significant,” he further commented.
In its last quarterly report ending February 28, BitMine disclosed a net loss of $3.8 billion, predominantly due to unrealized losses on Ethereum holdings. The company now possesses over 4.1% of all circulating ETH.
From August’s peak price of $4,946, the firm reported more than $9 billion in losses over six months ending February 28, as ETH has since fallen approximately 53% from that high.
BMNR stock is down roughly 3.3% since Monday’s market open, slightly underperforming against Ethereum’s 5.5% gain in the past month. Over six months, BMNR shares have declined nearly 59%, sitting 86% below their 52-week peak of $161 and trading recently at $22.21.
Similarly, Strategy, a leading Bitcoin treasury firm, purchased over $2.5 billion worth of Bitcoin last week, marking its largest acquisition since 2024.