BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has accelerated its cryptocurrency purchasing pace. According to Chairman Tom Lee, there are increasing indications that the crypto 'mini-winter' is coming to an end. 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, valued at over $230 million at current prices, has raised BitMine's total holdings to 4.97 million ETH. Notably, while most digital asset treasury companies have slowed or halted their buying activities, BitMine remains one of the few large-scale buyers of ether, providing a steady source of demand for ETH. The company's total crypto and cash holdings now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings. Lee stated that the firm believes the recent decline in crypto prices is nearing its end, citing ETH's rebound and broader market trends.
'Bitmine has maintained an increased pace of ETH acquisitions over the past four weeks, as our base case scenario suggests that ETH is in the final stages of the 'mini-crypto winter',' Lee said. He further noted that ether has experienced a significant surge from its early February lows and has outperformed equities since the start of the Iran conflict on February 28, driven by demand related to tokenization and AI-related applications. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, approximately two-thirds of its holdings, generating around $221 million in annualized revenue.