BitMine Immersion Technologies purchased 101,627 Ethereum last week for around $230 million, its largest weekly purchase since December 15 and the largest weekly accumulation in 2026.
This purchase brings the company’s total holdings to 4.97 million coins, putting it within striking distance of capturing 5% of Ethereum’s total circulating supply.
The real story is the upward trajectory; BitMine has accelerated its acquisition pace for four straight weeks, going from a previous average of 45,000 to 50,000 ETH per week to more than double that rate. This behavior represents a classic model of accumulation and not distribution.
- Weekly purchase: 101,627 Ethereum, worth around $230 million
- Standard context: The largest weekly count since December 15, 2025
- Total assets: 4.97 million ETH in the treasury
- Total assets: $12.9 billion (digital currencies and cash combined)
- Staking income: 3.33 million Ethereum is pledged, generating approximately $221 million per year
- Consecutive weeks of impulse purchases: Four consecutive weeks of accelerated pace
The implications of removing 101,627 Ethereum from spot liquidity with Bitmine
At an implied buy price of approximately $2,263 per Ethereum, BitMine’s weekly purchase represents a significant withdrawal of available spot liquidity.
Daily Ethereum spot trading volume on centralized exchanges typically ranges between $8 billion and $14 billion, but continued demand of this size reduces the actual supply available for trading, especially since two-thirds of the BitMine wallet is locked in staking operations and completely out of the market.
ETH has recovered strongly from its early February lows, and Chairman Tom Lee is not holding back on the company’s views on the timeline. “BitMine has maintained the increasing pace of ETH purchases in each of the last four weeks, as our fundamental forecasts indicate that Ethereum is in the final stages of a ‘mini crypto winter,’” Lee said. He highlighted Ethereum’s outperformance relative to stocks since the start of the Iranian conflict on February 28, as well as the demand associated with the tokenization and artificial intelligence infrastructure running on the Ethereum network.
If buying continues at this pace – or accelerates towards the 5 million ETH target – oversupply will decrease further and resistance levels above current prices will become harder for sellers to defend. However, if the buildup stops or reverses, the absence of this stable demand will quickly show its impact deep within the order book. The truth about short-term pricing is that demand from a single buyer of this magnitude is structural and not merely speculative.
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