BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has intensified its cryptocurrency purchasing pace, according to Chairman Tom Lee, who believes the crypto 'mini-winter' is drawing to a close. The firm announced on Monday the acquisition of 101,627 ether (ETH) in the previous week, marking its largest weekly purchase since December 15. This purchase, valued at approximately $230 million at current prices, has increased BitMine's total holdings to 4.97 million ETH.
This move occurs as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have either reduced or ceased their buying activities. As a result, BitMine remains one of the primary large-scale purchasers of ether, providing a consistent source of demand for ETH.
The company's total crypto and cash holdings now amount to $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 observes signs indicating the recent decline in crypto prices is nearing its conclusion, 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. Furthermore, he 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 applications.
BitMine has also 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.