BitMine Acquires 71,179 ETH in Largest Weekly Purchase of 2026 as Strategy Halts Bitcoin Accumulation

BitMine Immersion Technologies (BMNR) acquired 71,179 Ethereum tokens during the week ending March 29, 2026, marking its largest weekly purchase of the year and extending a four-week acceleration in buying activity, while Strategy (MSTR) ended its 13-week Bitcoin accumulation streak.

The purchase, valued at approximately $143 million at current prices, brought BitMine’s total ETH holdings to 4,732,082 tokens, representing 3.92% of the total ETH supply, with total crypto and cash holdings reaching $10.7 billion.

BitMine Accelerates ETH Accumulation for Four Consecutive Weeks amid Crypto Market Downturn

BitMine increased its weekly ETH purchases from an average of 45,000 to 50,000 tokens to 71,179 ETH in the most recent week, marking the fourth consecutive week of accelerated buying. The company’s total ETH holdings are valued at approximately $9.7 billion based on current ETH trading prices near $2,055. BitMine also holds 197 Bitcoin valued at approximately $13.2 million, alongside $961 million in cash.

The accumulation stands in contrast to broader corporate treasury behavior, as most large digital asset treasuries have paused or reduced holdings during the crypto market downturn. Strategy, the largest corporate Bitcoin holder with 762,099 BTC valued at approximately $51.2 billion, broke its 13-week Bitcoin purchase streak during the same period, though the company has historically paused purchases during the final week of fiscal quarters.

BitMine Chairman Thomas “Tom” Lee stated that the firm views the current market as the final phase of a downturn, with rising oil prices and geopolitical tensions keeping risk assets under pressure. Lee noted that ETH and crypto have outperformed broader markets during the Iran conflict, with ETH gaining approximately 8% over the past month while gold declined nearly 13% and major stock indices dropped more than 7%.

BitMine and Strategy Hold Substantial Unrealized Losses amid Market Decline

Despite consistent accumulation, both BitMine and Strategy maintain significant unrealized losses on their crypto holdings. According to Artemis Analytics data, BitMine holds paper losses exceeding $7 billion on its Ethereum acquisitions. Strategy’s unrealized losses total approximately $6.2 billion based on SaylorTracker data.

BitMine’s shares traded at approximately $18.40 following the announcement, up slightly on the day but down more than 60% over the preceding six months. Strategy’s MSTR shares traded at $126.80, down more than 60% over the same period. Bitcoin and Ethereum are trading 46% and 58% below their respective all-time highs.

Lee characterized the current crypto market as experiencing a “mini crypto winter” that will likely end when upside risk to oil prices peaks. He noted that the inverse correlation between crypto and oil prices is at the highest levels in the past year, with rising oil serving as a headwind for both equities and crypto until markets become comfortable with the future trajectory of oil prices.

BitMine Launches MAVAN Staking Platform with 3.14 Million ETH Already Staked

BitMine announced the official launch of MAVAN (Made in American VAlidator Network), an institutional-grade staking platform originally developed to support the company’s own Ethereum treasury. The platform intends to expand to serve institutional investors, custodians, and ecosystem partners seeking staking infrastructure.

As of March 29, 2026, BitMine had staked 3,142,643 ETH, representing approximately 66% of its total ETH holdings and valued at $6.3 billion based on current prices. The company reported annualized staking revenues of $177 million based on a 2.80% seven-day yield from its staking operations, compared to the Composite Ethereum Staking Rate of 2.79%.

Lee stated that when BitMine’s ETH holdings are fully staked through MAVAN and its staking partners, the annual staking reward would reach approximately $266 million. The company positioned MAVAN as a platform for institutional staking infrastructure expansion beyond its own treasury operations.

BitMine Ranks as Second-Largest Global Crypto Treasury with Significant Trading Volume

BitMine’s ETH holdings make it the largest Ethereum treasury globally and the second-largest crypto treasury overall, trailing only Strategy’s Bitcoin holdings. The company reported total crypto and cash holdings of $10.7 billion, including a $200 million stake in Beast Industries, a $102 million stake in Eightco Holdings (ORBS), and $961 million in cash.

According to Fundstrat data, BitMine is one of the most widely traded US stocks, with average daily dollar volume of $920 million over five days as of March 27, 2026, ranking 100th among 5,704 US-listed stocks. Lee characterized recent regulatory developments including the GENIUS Act and the SEC’s Project Crypto as transformational for financial services, comparing their potential impact to the 1971 end of the Bretton Woods system.

FAQ

How much Ethereum did BitMine acquire in its largest weekly purchase of 2026?

BitMine acquired 71,179 ETH during the week ending March 29, 2026, valued at approximately $143 million at current prices. The purchase extended a four-week acceleration in buying activity, with weekly purchases increasing from an average of 45,000 to 50,000 ETH to the current level.

What is BitMine’s total Ethereum holdings and how does it compare to other corporate treasuries?

BitMine holds 4,732,082 ETH, representing 3.92% of total ETH supply and valued at approximately $9.7 billion. The company ranks as the largest Ethereum treasury globally and the second-largest crypto treasury overall behind Strategy, which holds 762,099 Bitcoin valued at approximately $51.2 billion.

What is MAVAN and how much ETH has BitMine staked**?**

MAVAN (Made in American VAlidator Network) is BitMine’s institutional-grade staking platform. As of March 29, 2026, BitMine had staked 3,142,643 ETH, approximately 66% of its total holdings, generating annualized staking revenues of $177 million at a 2.80% seven-day yield.