Bitmine Makes Record-Breaking Purchase of 101,627 Ether, Valued at Over $230 Million

BitMine Immersion Technologies, a leading digital asset treasury firm focused on Ethereum, has intensified its cryptocurrency purchasing activity, with Chairman Tom Lee noting growing indications that the crypto 'mini-winter' is coming to a close. 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 increased BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed or ceased their buying activities, BitMine remains a significant large-scale buyer of ether, providing a steady source of demand for ETH. The firm's total 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, 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 noted that ether has experienced a significant surge from its early February lows and has outperformed equities since the commencement 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.