BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has stepped up its cryptocurrency purchasing pace, with Chairman Tom Lee expressing optimism that the crypto 'mini-winter' is drawing to a close. The company announced on Monday that it had acquired 101,627 ether (ETH) over the past week, marking its largest weekly acquisition since December 15. Valued at over $230 million at current prices, this purchase brings BitMine's total ETH holdings to 4.97 million.
Notably, while most digital asset treasury firms have slowed or ceased buying, BitMine remains one of the few 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 in various companies, including Beast Industries and Eightco Holdings. According to Lee, the firm believes the recent decline in crypto prices is nearing its end, citing ETH's rebound and broader market trends.
'We have 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, generating approximately $221 million in annualized revenue.