BitMine Kicks Off 2026 with $105 Million Ether Purchase

BitMine Immersion Technologies started 2026 by purchasing $105 million worth of Ether (ETH). This is the first reported crypto purchase of the year for the company, strengthening the firm’s position as the largest known corporate holder of ETH. According to blockchain analytics platform Arkham, the purchase was disclosed in a post made on X.com. 

After this latest acquisition, BitMine now holds 4.07 million Ether, valued at approximately $12.6 billion. Based on the information taken from StrategicETHReserve, this represents nearly 3.36% of ETH’s total circulating supply.

BitMine Purchases $105 Million Worth of ETH

After purchasing the ETH, BitMine reportedly has $915 million in cash reserves, capital that could be deployed for additional ETH purchases. BitMine has previously stated a strategic objective of accumulating as much as 5% of ETH’s total supply, suggesting further acquisitions may be made in the future. 

The latest ETH acquisition was made when there was a sharp rise in the company’s staking activity. On-chain data tracked by Lookonchain shows that BitMine has staked more than $2.87 billion worth of ether in total, including the roughly 128K recently acquired ETH. By staking such a large portion of its holdings, the company is positioning itself to generate yield while reinforcing Ethereum’s network security. 

Tom Lee, BitMine’s chairman, has described the purchase as a reflection of confidence in Ether’s long-term appreciation. However, he has also warned that ETH could face a “meaningful drawdown” in the first half of 2026. Lee noted that such a decline would represent an attractive accumulation opportunity ahead of a strong position towards the end of 2026. 

Broader market data suggests that BitMine is not the only company with such a strategy. Whales have increased their Ether holdings in recent weeks. While some smart money traders have reduced their positions, new wallets and long-term holders have added a significant amount of ETH.

Analysts say the 2025 crypto bear market acted as a stress test for the industry, helping reset valuations and improve infrastructure. As institutional participation grows, many believe 2026 could mark a shift toward crypto playing a more vital role in global financial systems.