BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has accelerated its cryptocurrency purchasing pace. According to Chairman Tom Lee, there are growing indications that the cryptocurrency 'mini-winter' is coming to an end. The company announced on Monday that it had purchased 101,627 ether (ETH) the previous week, its largest weekly acquisition since December 15.
The purchase, valued at over $230 million at current prices, brings BitMine's total holdings to 4.97 million ETH. This move occurs as most digital asset treasury firms, with the exception of Michael Saylor's bitcoin-focused Strategy, have reduced or ceased buying. BitMine remains one of the primary large-scale buyers of ether, providing a consistent source of demand for ETH. The company's total crypto and cash holdings now stand at $12.9 billion, including 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 cryptocurrency 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 is that ETH is in the final stages of the 'mini-crypto winter',' Lee said.
He added 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, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.