BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury firm, purchased 60,976 ether (ETH) last week, increasing the pace of accumulation as the company bets that crypto prices are nearing the end of what it calls a “mini winter.”
The latest purchase, worth around $120 million at current prices, brought BitMine’s ETH holdings to over 4.5 million tokens, worth over $9 billion, according to a Monday update from the company. This is the company’s largest weekly token purchase in 2026 so far.
The company has steadily increased its cash position throughout the market downturn, although unrealized losses on its position are now estimated at around $7.8 billion, according to DropsTab data.
President Thomas Lee said the company stepped up its purchases from the recent weekly average of around 45,000 to 50,000 ETH as market signals suggest a potential bottom could be forming.
“We continue to believe that cryptocurrency prices are in the final stages of the ‘mini-crypto winter,'” Lee said in a statement.
“As the saying goes, no one rings the bell downstairs.” he said. “Therefore, BitMine’s strategy is to slightly increase the pace of ETH accumulation.”
The company said it now earns $174 million in annual revenue from staking more than 3 million of its ether token holdings, which could reach $259 million once all tokens are locked in to generate yield.
