Bitmine Makes Record-Breaking Purchase of 101,627 Ether, Valued at Over $230 Million

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has stepped up its cryptocurrency purchase pace, with Chairman Tom Lee citing growing indications that the crypto 'mini-winter' is drawing to a close. The company announced on Monday that it had acquired 101,627 ether (ETH) in the previous week, marking its largest weekly acquisition since December 15. This purchase, worth over $230 million at current prices, has increased BitMine's total holdings to 4.97 million ETH. Notably, this move comes at a time when most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy (MSTR), have slowed or halted their buying activities. As one of the last remaining large-scale buyers of ether, BitMine is providing a steady source of demand for ETH. The firm's total crypto and cash holdings now stand at $12.9 billion, comprising its ETH treasury, 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. According to Lee, the company believes that the recent decline in crypto prices 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 further noted that ether has experienced a sharp rise 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-related uses. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, or approximately two-thirds of its holdings, generating around $221 million in annualized revenue.