Bitmine, a prominent player in the crypto treasury space, has made a significant move by purchasing 126,971 Ethereum (ETH) tokens last week. This large-scale buy is the company's largest weekly purchase in 2026, with Bitmine spending approximately $214 million on the acquisition.
The price of ETH fell during this time, which might have led some investors to pause their purchases. However, Bitmine's chairman, Tom Lee, remains optimistic about Ethereum's fundamentals and believes that the current market downturn does not accurately reflect its true value.
With this latest purchase, Bitmine has increased its total holdings of ETH to 5.54 million tokens, valued at around $9.3 billion. This significant addition brings the company closer to its goal of owning 5% of all Ether tokens in circulation.