Bitmine Makes Record-Breaking Purchase of 101,627 Ether, Surpassing $230 Million

BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, 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 acquired 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 holdings to 4.97 million ETH. Notably, this move comes at a time when most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy (MSTR), have reduced 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 amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash, and equity stakes in various companies, including Beast Industries and Eightco Holdings. Chairman Lee stated that the firm is witnessing signs 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 indicates that ETH is in the final stages of the 'mini-crypto winter',' Lee said. 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. 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.