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Ahmed Barakat
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BitMine Immersion Technologies purchased 101,627 Ethereum last week for approximately $230 million, its largest single-week haul since December 15 and the biggest weekly accumulation of 2026.
The buy lifts total holdings to 4.97 million tokens, pushing the firm within striking distance of 5% of Ethereum’s circulating supply.
The real story is in the trajectory. BitMine has accelerated its acquisition pace for four consecutive weeks, scaling from a prior average of 45,000–50,000 ETH per week to more than double that rate. That is textbook accumulation behavior, not distribution.
- Weekly Purchase: 101,627 ETH worth approximately $230 million
- Record Context: Largest weekly haul since December 15, 2025
- Total Holdings: 4.97 million ETH across the treasury
- Total Assets: $12.9 billion in crypto and cash combined
- Staking Revenue: 3.33 million ETH staked, generating ~$221 million annualized
- Consecutive Weeks of Accelerated Buying: Four straight weeks of increased pace
Discover: The best pre-launch token sales
What 101,627 Ethereum Removed from Spot Supply by Bitmine Actually Signals
At roughly $2,263 per ETH implied by the $230 million price tag, BitMine’s single-week purchase represents a material withdrawal from available spot liquidity.
Ethereum daily spot volume on centralized exchanges typically ranges between $8 billion and $14 billion, but persistent directional demand at this scale compresses the effective float, particularly as two-thirds of BitMine’s stack is locked in staking and off the market entirely.
ETH has rebounded sharply from its early February lows, and Chairman Tom Lee is not subtle about the firm’s read on timing. “BitMine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter,’” Lee said. He cited ETH’s outperformance of equities since the Iran conflict began February 28, alongside demand tied to tokenization and AI infrastructure running on Ethereum.
If buying continues at this pace – or accelerates toward the 5 million ETH milestone – the supply overhang shrinks further and resistance levels above current prices become harder to defend for sellers. If accumulation stalls or reverses, the absence of that steady bid will be felt quickly in order book depth. The honest answer on near-term price: the bid from one buyer at this scale is structural, not speculative.