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Ethereum treasury firm BitMine Immersion Technologies made its largest Ether purchase of 2026 last week, acquiring 40,302 ETH worth about $116 million despite ongoing weakness in its share price.
The purchase lifted BitMine’s total Ethereum holdings to more than 4.24 million ETH, equivalent to over 3.5% of the circulating supply and valued at roughly $12.2 billion at current prices.
“Ethereum's price ratio to Bitcoin, or ETHBTC, has been steadily climbing since mid-October,”
Said BitMine chairman Tom Lee, citing growing Wall Street adoption of tokenisation and other Ethereum-based use cases.
Lee said Ethereum remains central to major financial trends, adding that policymakers and global leaders increasingly view digital assets as critical to the future of the financial system.
BitMine also increased its staked Ether holdings to just over 2 million ETH, representing nearly half of its total reserves and positioning the firm to earn staking rewards while helping secure the network.
The company said it plans to launch its own Made in America Validator Network in early 2026, with expectations of earning more than $1 million per day once its holdings are fully staked.
Despite the aggressive accumulation, BitMine shares fell more than 3% on Monday and are down over 10% across the past five trading days as Ether continues to trade well below its all-time high.
At the time of reporting, Ethereum price was $2,933.59.