BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has accelerated its cryptocurrency purchase pace, as indicated by Chairman Tom Lee, who believes the crypto 'mini-winter' is nearing its end. The company announced the acquisition of 101,627 ether (ETH) last week, valued at approximately $230 million at current prices, marking its largest weekly haul since December 15.
This purchase brings BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury firms have slowed or ceased buying, BitMine remains a significant buyer of ether, providing steady demand for ETH.
The firm'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. According to Lee, 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 purchases over the past four weeks, as our base case suggests ETH is in the final stages of the 'mini-crypto winter',' Lee stated. He further 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 continued to expand its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.