BitMine Immersion Technologies (NYSE: BMNR) spent roughly $207 million last week to acquire 126,971 ether at an average price of $1,630 per token. The purchase came as ETH slid to its lowest levels in months, giving the company its biggest single-week ether accumulation of 2026.
A record weekly buy
The $207 million outlay dwarfs any previous weekly ether purchase by BitMine this year. At an average cost of $1,630, the company secured a position in one of the largest cryptocurrencies at a price well below the token's recent highs. The buy added 126,971 ether to BitMine's treasury, a significant addition for a firm that had been building its crypto holdings steadily through 2025 and 2026.
Timing the dip
BitMine executed the purchase during a sharp downturn that dragged ether to its worst levels since earlier this year. The exact date of the trade wasn't disclosed, but the company said the acquisition was completed last week as ETH touched fresh lows. By moving during the selloff, BitMine locked in a lower average price than it would have paid just days before.
What the numbers mean
The $207 million tab works out to about $1,630 per ether, a discount to the token's year-to-date average. The purchase brings BitMine's total ether holdings to an undisclosed figure, though the company has been transparent about its weekly accumulation. No other details about the financing of the purchase or plans for the ether were provided.
The move comes as other institutional players remain cautious on crypto amid regulatory uncertainty. BitMine, a publicly traded technology firm, has not commented on whether it intends to buy more ether in the coming weeks.
