BitMine buys $240 million in Ethereum amid rising prices

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BitMine Immersion Technologies, led by Tom Lee, purchased $240 million worth of Ethereum in its third consecutive weekly buy exceeding 100,000 ETH. The move coincides with Ethereum's continued price rise and Bitcoin hitting $80,000 for the first time since January. Meanwhile, Strategy skipped a Bitcoin purchase as BTC reached this milestone.

Tom Lee's BitMine Immersion Technologies announced its latest Ethereum acquisition, valued at $240 million, as reported by Decrypt. This marks the firm's third straight weekly buy surpassing 100,000 ETH, with the cryptocurrency showing upward momentum. Lee heralded the development as the arrival of 'Crypto Spring.'

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Realistic illustration of Bitmine's Ethereum acquisition in a mining facility with digital displays and charts
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Bitmine Immersion acquired 26,497 ether worth roughly $53 million in the most recent week, marking a sharp slowdown from its prior buying spree. The purchase increased the firm's total holdings to 5.42 million ETH.

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Bitmine Immersion Technologies is considering slowing its purchases of ether after rapidly accumulating a large stake in the cryptocurrency. Chairman Tom Lee made the remarks during a keynote at Consensus 2026 in Miami on Thursday. The firm has amassed over 5.1 million ETH valued at approximately $11.9 billion.

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