A $147M Purchase In One Week

By Ananthyka J | Edited By Sahana Kiran,March 31, 2026, 6:30 PM

Bitmine Immersion Technologies (BMNR) has made a big splash in the crypto market by acquiring a massive 71,179 Ether in its single-largest weekly buying spree of 2026 so far. This approximately $147 million Ether acquisition denotes a rise from Bitmine’s previous weekly average spending of $93 million to $103 million, the company disclosed in a release on Monday.

Bitmine’s Bet on Ethereum

BMNR has kept up their Ether buying run into the fifth week, laying down another 238,244 Ether on top of the four-week total. As per Bitmine Chairman Tom Lee, in order to keep up with the increased pace of ETH buys, they have done so each week for the past four weeks, as their base case is that ETH is in the last stages of the ‘mini-crypto winter’.

Also Read: Ethereum Dominates Tokenized Assets with $206B While ETH Eyes $2,040 Test

Oil Markets and Crypto Volatility

Ever since its drastic fall in October, the crypto markets have been undergoing continuous fluctuations, and there are indications that the interest of institutional investors is tapering off. Despite this, Lee suggested that the crypto markets might brighten up if risks in oil markets decline. “The level of negative correlation of crypto and stocks to oil has been rising and is currently at the peak level of the past year, “ said Lee.

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“The inverse correlation of crypto (and equities) to oil has been increasing and is at the highest levels 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… pic.twitter.com/0bWos4xAs9

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) March 30, 2026

Also Read: Ethereum Foundation Stakes $46.2 Million ETH in 1 Move

Market Leaders and Institutional Moves

Strategic ETH Reserve is monitoring the holdings of 67 big entities with Ether treasuries, and Bitmine is the one that has the largest number of tokens by a significant margin. SharpLink Gaming follows with 863,000 Ether, and Ether Machine is third with 496,000 tokens. Of the top three Ether treasury companies, Bitmine is also the only one to have publicly disclosed purchases this year.

BMNR’s bold buying move mirrors its faith in the Ethereum market. In the continuously changing crypto domain, investors can benefit by keeping an eye on market dynamics and institutional activities.

Also Read: Ethereum (ETH) Price Eyes 10% Surge Amid Fear