Bitmine (BMNR) buys 61,000 ether (ETH) as Tom Lee sees end in sight for bear market

BitMine Immersion Technologies (BMNR), the largest Ethereum-focused treasury firm, purchased 60,976 ether (ETH) through last week, increasing the pace of accumulation as the firm bets crypto prices are nearing the end of what it calls a “mini winter.”

The latest purchase, worth some $120 million at current prices, lifted BitMine’s ETH holdings to over 4.5 million tokens, worth more than $9 billion, according to a Monday update from the company. This was the company’s largest weekly purchase in token terms in 2026 so far.

The firm has steadily added to its treasury throughout the market downturn, even as unrealized losses on its position now is estimated at around $7.8 billion, according to data from DropsTab.

Chairman Thomas Lee said the company stepped up buying from the recent weekly average of roughly 45,000 to 50,000 ETH as market signals suggest a potential bottom may be forming.

“We continue to believe that crypto prices are in the late/final stages of the ‘mini-crypto winter,'” Lee said in a statement.

“As the adage goes, nobody rings the bell at the bottom.” he said. “Therefore BitMine’s strategy is to slightly increase its pace of ETH accumulation.”

The firm said it now earns $174 million annual revenue from staking more than 3 million of its ether token holdings, which could grow to $259 million once all tokens are locked to earn a yield.