Firm acquires 126,971 ETH as Ethereum rebounds 4% after a 15% weekly decline, citing protocol resilience.
BitMine Immersion Technologies purchased 126,971 ETH, valued at $214 million, marking its largest Ethereum acquisition of 2026. The move follows a broader crypto selloff triggered by a Zcash vulnerability, which the firm dismissed as superficial.
Ethereum fell nearly 15% over the past week but has since recovered 4%, trading at $1,686. The firm’s treasury now holds 5.54 million ETH, worth approximately $9.3 billion, with 85% staked via its MAVAN network.
BitMine Chairman Tom Lee stated the discovery of flaws in weaker protocols strengthens Ethereum’s case as a reliable decentralized blockchain.