BitMine Bets Big on Ethereum Amid Market Downturn

Corporate crypto treasury takes contrarian stance, snapping up over 71,000 ETH as others retreat

Apr. 11, 2026 at 11:11am

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An extreme close-up of intricate, metallic banking mechanisms and gears, conceptually representing the heavy, physical infrastructure of the financial industry.BitMine's bold bet on Ethereum amid the broader market downturn signals a strategic shift towards utility-driven crypto assets.Seattle Today

In a bold move that defies broader market sentiment, BitMine Immersion Technologies (BMNR) has purchased a staggering 71,179 ether - its largest weekly ETH buy of 2026. While most corporate crypto treasuries are hitting pause or selling off assets amid the current downturn, BitMine is doubling down on Ethereum, signaling a strategic bet that the market slump is temporary and that Ethereum's long-term potential outweighs short-term volatility.

Why it matters

BitMine's contrarian move stands in stark contrast to the broader market, where players like MicroStrategy have ended their Bitcoin buying sprees. This suggests Ethereum is increasingly becoming the asset of choice for long-term institutional investors, even as Bitcoin's dominance wavers. BitMine's massive ETH holdings, now nearly 4% of Ethereum's total supply, give the company significant influence over the asset's future trajectory.

The details

In three separate incidents, police said Walker Reed Quinn has been damaging Waymo vehicles since July by removing and swinging his belt, placing a cone on the dome and sensors of the car, damaging the tires and driver's side mirror, and stomping on the windshield.

  • On July 4, Quinn allegedly dove onto the hood of a Waymo vehicle and covered sensors.
  • On July 29, Quinn allegedly damaged a Waymo's tires and driver's side mirror.
  • On August 11, Quinn allegedly stomped on a windshield while someone was inside.

The players

BitMine Immersion Technologies (BMNR)

An American company that provides immersion cooling solutions for cryptocurrency mining operations.

Tom Lee

The chairman of BitMine Immersion Technologies, who has described the current market as the 'final phase of a downturn'.

MicroStrategy (MSTR)

The poster child of corporate Bitcoin accumulation, which has ended its 13-week buying streak.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident

“Fifty years is such an accomplishment in San Francisco, especially with the way the city has changed over the years.”

— Gordon Edgar, grocery employee

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This case highlights growing concerns in the community about repeat offenders released on bail, raising questions about bail reform, public safety on SF streets, and if any special laws to govern autonomous vehicles in residential and commercial areas.