BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has accelerated its cryptocurrency purchasing pace, according to Chairman Tom Lee, who believes the crypto 'mini-winter' is coming to an end. The company announced on Monday that it had purchased 101,627 ether (ETH) the previous week, marking its largest weekly acquisition since December 15.
This purchase, valued at over $230 million at current prices, has increased BitMine's total ETH holdings to 4.97 million. This move is notable as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed or halted their buying activities. As a result, BitMine remains one of the primary large-scale buyers of ether, providing a steady source of demand for ETH. The company's total crypto and cash holdings now stand at $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash and equity stakes, including investments in Beast Industries and Eightco Holdings.
According to Lee, the firm is seeing indications that 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 is that ETH is in the final stages of the 'mini-crypto winter',' Lee stated.
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 uses. Additionally, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, representing approximately two-thirds of its holdings, and generating around $221 million in annualized revenue.