BitMine Immersion Technologies, a leading digital asset treasury firm focused on Ethereum, has accelerated its cryptocurrency purchasing pace. According to Chairman Tom Lee, there are increasing indications that the crypto 'mini-winter' is coming to an end. The company announced on Monday that it had bought 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, brings BitMine's total ETH holdings to 4.97 million.
Notably, while most digital asset treasury companies have slowed down or halted their buying activities, 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 its ETH treasury, 199 bitcoin, $1.12 billion in cash, and equity stakes in various companies, including Beast Industries and Eightco Holdings.
Lee stated that the firm believes 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 said.
He also noted that ether has seen 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.