Bitmine Immersion Technologies has continued its aggressive accumulation of Ether, extending its buying streak into a fifth consecutive week with its largest purchase of 2026 so far.

The company acquired 71,179 Ether, valued at approximately $147 million, marking a notable increase from its previous weekly purchases, which ranged between $93 million and $103 million, according to a statement released Monday.

Over the prior four weeks, Bitmine had already accumulated 238,244 Ether, reflecting a consistent strategy of expanding its holdings during the current market phase. “Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case is ETH is in the final stages of the ‘mini-crypto winter,’” Lee said Monday.

Market conditions and macro factors influence strategy

Cryptocurrency markets have remained volatile following the downturn in October, with signs of weakening institutional momentum. Inflows into crypto exchange-traded products have slowed, partly due to ongoing geopolitical tensions in the Middle East.

Despite this, Bitmine’s leadership sees potential for recovery, particularly if pressures in energy markets begin to ease. “The inverse correlation of crypto and equities to oil has been increasing and is at the highest levels in the past year,” Lee said. “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 in a sense, the crypto winter likely ends when the upside risk to oil prices peaks,” he added.

Bitmine leads while peers remain inactive

Among major corporate Ether holders, Bitmine stands out for its continued activity. Data from StrategicEthReserve shows 67 large Ether treasury holders, with Bitmine holding the top position. SharpLink Gaming follows with 863,000 Ether, while Ether Machine ranks third with 496,000.

However, Bitmine is currently the only one among the top three actively increasing its holdings this year. SharpLink Gaming last purchased 3,600 Ether in December, and Ether Machine has not made any acquisitions since buying 1,400 Ether in October.

Bitcoin treasury activity shows similar concentration

A comparable pattern is emerging in the Bitcoin market. According to CryptoQuant analysts, Michael Saylor’s Strategy has been the dominant force behind corporate Bitcoin accumulation over the past 30 days.

While other companies collectively purchased around 1,000 BTC during that period, a 99% drop from previous peaks, Strategy acquired approximately 45,000 BTC. The firm remains the largest public corporate holder of Bitcoin, with holdings of 762,099 BTC valued at over $51 billion as of Sunday.

However, the company has recently paused its buying activity, with no reported purchases submitted to the US Securities and Exchange Commission between March 23 and March 29.

Sources:

https://cointelegraph.com/news/bitmine-extends-ether-buying-streak-five-weeks-147-million

https://x.com/BitMNR/status/2038617414951149827

https://x.com/BitMNR/status/2038617421188104620

https://bitbo.io/treasuries/microstrategy/

https://www.strategicethreserve.xyz/