BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has stepped up its cryptocurrency purchasing pace, as indicated by Chairman Tom Lee, who believes the crypto 'mini-winter' is nearing its 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 elevated BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury firms have slowed down or halted their buying activities, BitMine remains one of the few large-scale buyers of ether, providing a consistent 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 is witnessing signs that the recent decline in crypto prices is approaching 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 that ETH is in the final stages of the 'mini-crypto winter',' Lee stated. He further added that ether has seen 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 uses.
Additionally, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.