BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury firm, bought 60,976 ether (ETH) last week, increasing the pace of accumulation as the firm bets that crypto prices are nearing the end of what it calls a “mini-winter.”
The latest purchase, worth about $120 million at current prices, lifted BitMine’s ETH holdings to over 4.5 million tokens, worth more than $9 billion, according to a Monday update from the company. This was the company’s largest weekly purchase in token terms in 2026 to date.
The firm has steadily added to its treasury through the market downturn, although unrealized losses on its position are now estimated at about $7.8 billion, according to data from DropsTab.
Chairman Thomas Lee said the company stepped up buying from the recent weekly average of around 45,000 to 50,000 ETH as market signals suggest a potential bottom may be forming.
“We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter,'” Lee said in a statement.
“As the saying goes, nobody rings with the bell at the bottom.” he said. “Therefore, BitMine’s strategy is to slightly increase the pace of ETH accumulation.”
The firm said it now earns $174 million in annual revenue from staking more than 3 million of its ether token holdings, which could grow to $259 million when all tokens are locked to earn a dividend.
