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