BitMine Buys $240 Million in Ethereum as Tom Lee Heralds Arrival of 'Crypto Spring'

In brief

• BitMine Immersion Technologies bought more than 100K ETH for the third straight week.
• The company holds over $11.2 billion in Ethereum, making it the largest holder of the coin.
• BitMine Chairman Tom Lee said he believes a "Crypto Spring" has begun; ETH is up 15% in the last month.

Top Ethereum treasury firm BitMine Immersion Technologies just revealed its third straight weekly buy of more than 100,000 ETH, extending its buying streak as the second-largest cryptocurrency by market cap shows a 15% rise in the last month.

BitMine purchased 101,745 ETH over the last week, following previous weekly buys of 101,901 ETH and 101,627 ETH—the former being the firm's largest haul so far in 2026. At Ethereum's recent trading price of $2,365, that makes its latest weekly purchase worth more than $240 million.

All told, the publicly traded firm has accumulated over 5.18 million, with its stash currently valued at $12.2 billion. The company also holds 200 Bitcoin valued around $16 million, and has $700 million in cash on-hand.

BitMine (BMNR) shares are up more than 4% on the day, recently trading at $22.91. Shares are up nearly 18% in the last month, but have fallen more than 15% since the start of the year.

The weekly purchase tally includes 10,000 ETH purchased directly from the Ethereum Foundation in an over-the-counter sale announced Friday at an average price of $2,292 per coin. It was the second straight weekly purchase of 10,000 ETH from the Foundation, with the sales funding the Ethereum backer's operations, community grants, and other endeavors.

"Crypto Spring, in our view, has commenced and like past cycles, investor sentiment and conviction are muted and bearish even as crypto prices strengthen," said BitMine Chairman Tom Lee, in a statement. "We believe the potential passage, or even failure, of the CLARITY Act confirms the arrival of crypto spring. As for the upcoming drivers of crypto gains, Ethereum continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains."

(Disclaimer: Lee is an investor in Dastan, parent company of an editorially independent Decrypt.)

BitMine said Monday that it has staked more than 4.36 million ETH, generating annual staking revenues of about $297 million. The company recently launched its own Made in America Validator Network, which it refers to as MAVAN.

Even with Ethereum's price climbing, BitMine still sits on a sizable unrealized loss for its holding, estimated around $6 billion as of this writing. BitMine began accumulating Ethereum last summer, when ETH rose to a new all-time high price of $4,946 last August. It's currently down 52% from that peak.

Users on Myriad—a prediction market operated by Dastan—have grown increasingly bullish in recent days that Ethereum's next stop will be $3,000 rather than $1,500, currently penciling in a 60% chance of that upward move. That mark has grown by more than 7% in the last week.

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