Publicly traded cryptocurrency firm BitMine Immersion Technologies has executed its largest weekly Ethereum purchase since December 2025, acquiring 101,627 ETH valued at approximately $235 million. This significant acquisition brings the company's total Ethereum holdings to 4,976,485 ETH, worth over $11.5 billion, putting it on the cusp of holding 5 million ETH.
The purchase, detailed in a Form 8-K filing with the U.S. Securities and Exchange Commission, marks the fourth consecutive week of increased buying activity by BitMine. Chairman Tom Lee stated the firm's base case is that Ethereum is in the final stages of a "mini-crypto winter," justifying the aggressive accumulation strategy. "While many believe the crypto winter may last through the fall of 2026, our view remains that the crypto winter is much closer to ending," Lee said.
BitMine's holdings now represent more than 4.1% of Ethereum's total circulating supply, as the company works toward its long-term target dubbed the "alchemy of 5%." Beyond Ethereum, the firm's treasury includes 199 Bitcoin (BTC), equity stakes in Beast Industries and Eightco Holdings, and $1.12 billion in cash, bringing its total crypto and cash holdings to $12.9 billion.
The news follows a period of substantial reported losses for the company. For the three-month period ending February 28, BitMine reported a net loss of $3.8 billion, 99% of which was attributed to unrealized losses on its Ethereum portfolio. Over the prior six months, reported losses exceeded $9 billion due to ETH's decline from its August all-time high of $4,946.
Concurrently, BitMine has expanded its staking operations through its MAVAN (Made in America Validator Network) platform, with 3.33 million ETH currently staked, generating annualized staking revenues of over $200 million. The company recently began trading on the New York Stock Exchange after uplisting from the NYSE American.
