BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has accelerated its cryptocurrency purchasing pace, with Chairman Tom Lee citing growing indications that the crypto 'mini-winter' is coming to a close. The company announced the acquisition of 101,627 ether (ETH) last week, its largest weekly purchase since December 15, valued at over $230 million at current prices, bringing its total ETH holdings to 4.97 million.
This move contrasts with most digital asset treasury companies, which have slowed or ceased buying, with BitMine being one of the last major buyers of ether, providing consistent demand for ETH. The company's total crypto and cash holdings now stand at $12.9 billion, including 199 bitcoin, $1.12 billion in cash, and equity stakes in companies like Beast Industries and Eightco Holdings.
According to Lee, the firm believes the recent crypto price drop is nearing its end, pointing to ETH's rebound and broader market trends. 'Bitmine has maintained an increased pace of ETH purchases over the past four weeks, as our base case is that ETH is in the final stages of the 'mini-crypto winter',' Lee stated. He noted that ether has sharply risen from its early February lows, outperforming equities since the start of the Iran conflict on February 28, driven by demand related to tokenization and AI uses.
Additionally, BitMine has expanded its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.