BitMine Immersion Technologies (BMNR), the largest ethereum-focused financial firm, has purchased 60,976 ether coins (ETH) as of last week, accelerating its accumulation as the firm bets that cryptocurrency prices are about to end the so-called “little winter.”
The latest purchase, worth approximately $120 million at current prices, increases BitMine’s ETH holdings to more than 4.5 million tokens, worth more than $9 billion, according to an update from the company on Monday. This is the company’s largest weekly token purchase of 2026 so far.
The firm has been steadily adding funds throughout the market downturn, although unrealized losses on its position are currently estimated at about $7.8 billion, according to DropsTab data.
Chairman Thomas Lee said that as market signals suggested that a potential bottom may be forming, the company increased its buying efforts, increasing from a recent weekly average of about 45,000 ETH to 50,000 ETH.
“We continue to believe that cryptocurrency prices are in the late/final stages of a ‘mini crypto winter,'” Lee said in a statement.
“As the saying goes, no one rings the doorbell on the ground floor,” he said. “So BitMine’s strategy is to slightly increase the pace of ETH accumulation.”
The company said it currently earns $174 million in annual revenue from staking its holdings of more than 3 million ether, which could grow to $259 million once all tokens are locked up to earn yield.