Bitmine Acquires 101,627 Ethereum Valued at More Than $230M in Its Largest Weekly Purchase of 2026

BitMine Immersion Technologies acquired 101,627 Ethereum last week for around $230 million, marking its largest single-week purchase since December 15 and the most significant weekly accumulation of 2026.

This acquisition raises total holdings to 4.97 million tokens, bringing the company close to 5% of Ethereum’s circulating supply.

The key aspect lies in the trend. BitMine has intensified its buying activity for four consecutive weeks, increasing from a previous average of 45,000–50,000 ETH weekly to more than double that amount. This behavior exemplifies accumulation rather than distribution.

Key Takeaways:

• Weekly Purchase: 101,627 ETH valued at approximately $230 million
• Record Context: Largest weekly acquisition since December 15, 2025
• Total Holdings: 4.97 million ETH in the treasury
• Total Assets: $12.9 billion in combined crypto and cash
• Staking Revenue: 3.33 million ETH staked, yielding ~$221 million annually
• Consecutive Weeks of Accelerated Buying: Four consecutive weeks of increased purchasing

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What 101,627 Ethereum Removed from Spot Supply by Bitmine Actually Signals

With an implied price of approximately $2,263 per ETH based on the $230 million expenditure, BitMine’s weekly purchase signifies a substantial reduction in available spot liquidity.

Daily spot volume for Ethereum on centralized exchanges generally fluctuates between $8 billion and $14 billion, but sustained demand at this level constricts the effective float, especially since two-thirds of BitMine’s holdings are locked in staking and completely off the market.

Source: Bitmine

ETH has experienced a significant rebound from its lows in early February, and Chairman Tom Lee has been clear about the firm’s perspective on timing. “BitMine has sustained the heightened pace of ETH purchases over the last four weeks, as our base case ETH is nearing the conclusion of the ‘mini-crypto winter,’” Lee stated. He pointed to ETH’s outperformance compared to equities since the onset of the Iran conflict on February 28, along with demand associated with tokenization and AI infrastructure operating on Ethereum.

If purchasing continues at this rate – or accelerates towards the 5 million ETH mark – the supply overhang diminishes further, making it increasingly challenging for sellers to defend resistance levels above current prices. Conversely, if accumulation halts or reverses, the lack of consistent buying pressure will be quickly reflected in order book depth. The candid assessment regarding near-term pricing: the demand from a single buyer at this scale is structural, not speculative.

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