Bitmine Records Largest 2026 ETH Acquisition With $147M Purchase
During the past seven days, Bitmine acquired more than 71,000 Ether, supplementing the 238,244 Ether purchased during the preceding month.
In what marks its fifth consecutive week of Ether accumulation, Bitmine Immersion Technologies has completed the purchase of 71,179 Ether tokens, representing the company's most substantial weekly acquisition in 2026 to date.
According to a Monday statement from the firm, the approximately $147 million worth of Ether (ETH) acquisition marks a significant increase compared to Bitmine's prior weekly purchasing average, which ranged between $93 million and $103 million.
In a statement last week, Lee indicated that Ether is currently experiencing the concluding phases of what he termed the mini-crypto winter, citing this analysis as a primary driver behind the firm's sustained aggressive Ether accumulation strategy throughout recent weeks. During its four preceding March acquisitions, Bitmine accumulated a combined total of 238,244 Ether tokens.
"Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the 'mini-crypto winter,'" Lee said Monday.
Following the October market crash, cryptocurrency markets have experienced persistent volatility. Additional indicators point to weakening participation from institutional investors, as inflows into crypto exchange-traded products have declined while Middle East geopolitical tensions persist.
Despite these challenges, Lee suggested that cryptocurrency markets may be approaching a turning point once uncertainties surrounding oil markets begin to subside.
"The inverse correlation of crypto and equities to oil has been increasing and is at the highest levels in the past year," Lee said.
"This is logical. Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks," he added.
Bitmine's closest peers remain silent on ETH buys
Currently, StrategicEthReserve maintains tracking data for 67 major Ether treasury holders, with Bitmine maintaining a commanding lead position. The second position is held by SharpLink Gaming with 863,000 Ether tokens, followed by Ether Machine in third place with 496,000 tokens.
Within this elite group of the top three Ether treasury corporations, Bitmine stands alone as the only entity to have made public disclosures regarding purchases during the current year.
According to StrategicEthReserve data, SharpLink Gaming's most recent acquisition occurred in December when it purchased 3,600 Ether, whereas Ether Machine has not made any purchases since its October acquisition of 1,400 Ether.
Strategy buys 45,000 Bitcoin in 30 days
According to data from CryptoQuant, a comparable pattern is emerging within the Bitcoin treasury sector.
CryptoQuant analysts revealed on Wednesday that Michael Saylor's Strategy has effectively been the singular force driving Bitcoin (BTC) treasury demand throughout the most recent 30-day period.
During the last 30 days, Bitcoin acquisitions by companies other than Strategy totaled approximately 1,000 BTC, representing a 99% decline from peak purchasing levels, whereas Strategy acquired 45,000 BTC during this identical timeframe.
With reported holdings totaling 762,099 Bitcoin as of Sunday, valued at over $51 billion, Michael Saylor's Strategy maintains its position as the leading public cryptocurrency treasury corporation.
Nevertheless, the company has recently suspended its customary regular buying activity, with Saylor filing reports to the US Securities and Exchange Commission indicating zero purchases during the period spanning March 23 through March 29.