Bitmine Immersion Technologies has extended its Ether buying streak into a fifth week, purchasing 71,179 ETH — its largest weekly buy of 2026 so far — roughly $147 million, the company said. The purchase lifts Bitmine’s weekly average from about $93 million to $103 million. Across its previous four purchases, Bitmine acquired a total of 238,244 ETH.
“Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter,’” Lee said Monday.
Crypto markets have remained volatile since the October crash, and institutional momentum has shown signs of slowing, with exchange-traded product inflows diminishing amid ongoing Middle East tensions. Lee said reduced oil-market risk could help markets recover, noting the inverse correlation of crypto and equities to oil is at its highest level in the past year.
“This is logical. Until equity markets become comfortable with the future trajectory of oil prices, rising oil is a headwind for equities and crypto. And in a sense, the crypto winter likely ends when the upside risk to oil prices peaks,” he added.
Bitmine’s peers have been largely quiet on fresh ETH purchases. StrategicEthReserve — which tracks 67 large Ether treasury holders — shows Bitmine leading by a wide margin. SharpLink Gaming holds about 863,000 ETH and Ether Machine about 496,000 ETH. Among the top three, Bitmine is the only one to publicly disclose purchases this year; SharpLink last bought 3,600 ETH in December, and Ether Machine last bought 1,400 ETH in October.
A parallel trend is visible in Bitcoin treasuries. CryptoQuant analysts reported that Michael Saylor’s MicroStrategy (Strategy) has been the main driver of BTC treasury demand over the past 30 days, buying roughly 45,000 BTC while non-Strategy firms bought around 1,000 BTC — a 99% drop from peak levels. Strategy’s reported holdings stand at about 762,099 BTC, worth more than $51 billion. The company recently paused regular buys, reporting no purchases to the U.S. SEC between March 23 and March 29.
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