BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has intensified 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 the acquisition of 101,627 ether (ETH) in the previous week, representing its largest weekly purchase since December 15.
This purchase, valued at approximately $230 million at current prices, has increased BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury firms, excluding Michael Saylor's bitcoin-focused Strategy, have slowed or halted their buying activities, BitMine continues to be a significant buyer of ether, providing a consistent source of demand for ETH. The firm's combined crypto and cash holdings now amount to $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 increase from its early February lows and has outperformed equities since the beginning 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, with over 3.3 million ETH staked, equivalent to approximately two-thirds of its holdings, generating around $221 million in annualized revenue.