BitMine Buys $233.8M Worth of ETH, Boosting Market Recovery

BitMine Immersion Technologies has announced the purchase of 101,627 ETH, worth approximately $233.8 million. The acquisition marks the company’s largest weekly purchase of Ethereum since December 2025. With this addition, the firm’s total holdings now amount to about 4.98 million ETH, representing roughly 4.1% of Ethereum’s total supply.

BitMine typically announces these weekly accumulations on Mondays, reflecting the activity from the previous week. According to the press release, the purchases took place between April 13 and April 19, 2026. Meanwhile, Ether is currently priced at $2,310 with a market cap of $279 billion per CoinGecko data.

BitMine Buys 101K ETH

BitMine Immersion Technologies is actively increasing its Ethereum holdings through significant weekly acquisitions. The company, which previously focused on Bitcoin mining, has completely shifted its focus to Ethereum assets in recent years. Under the leadership of Tom Lee, the team views current market dips as buying opportunities for long-term value.

“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.’ In the past week, we acquired 101,627 ETH, which is the highest pace of buys since the week of December 15, 2025,” Lee stated.

Market observers note that large purchases like this often decrease the available supply of Ethereum, which can help stabilize prices. By removing a substantial amount of Ethereum from the market, BitMine reduces immediate selling pressure. The move comes as the broader crypto market is seeking signs of recovery and stability.

3.3M ETH Fortress

BitMine has been actively engaged in staking, which currently generates around $212 million annually. Recently, the company introduced its own MAVAN (Made in America Validator Network) staking solution to improve asset security, performance, and control.

The total value of BitMine’s crypto and cash assets is now $12.9 billion, which includes holdings in Bitcoin and other investments. The company’s treasury strategy, called the “Alchemy of 5 Percent” plan, focuses on earning rewards from staking Ethereum, enhancing layer-2 technology, and expanding the network.

By consistently investing capital, BitMine aims to benefit from both interest earnings and potential price increases over time. Traders view this institutional investment as a positive sign, especially during uncertain market conditions. The balanced approach allows BitMine to earn immediate income from staking while maintaining an optimistic outlook on Ethereum’s future in the expanding digital economy.

Get Trending Crypto News as It Happens. Follow CoinTab News on X (Twitter) Now