BitMine Immersion Technologies, a prominent Ethereum-focused digital asset treasury firm, has accelerated its cryptocurrency purchase pace, with Chairman Tom Lee citing growing indications that the crypto 'mini-winter' is coming to an 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 increased BitMine's total holdings to 4.97 million ETH. Notably, this move occurs 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 last major 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, 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 firm 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 is that ETH is in the final stages of the 'mini-crypto winter',' Lee stated.
He further 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 use cases. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, or approximately two-thirds of its holdings, generating roughly $221 million in annualized revenue.