BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has accelerated its cryptocurrency purchasing 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 purchase since December 15. This acquisition, valued at over $230 million at current prices, has raised BitMine's total ETH holdings to 4.97 million. Notably, this move occurs as most digital asset treasury firms, excluding Michael Saylor's bitcoin-focused Strategy, have slowed or ceased buying activities.
As a result, BitMine remains one of the primary large-scale buyers of ether, providing a consistent source of demand for ETH. The firm's total crypto and cash reserves 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 company believes that the recent decline in crypto prices is nearing its end, pointing to 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 scenario suggests that ETH is in the final stages of the 'mini-crypto winter',' Lee stated.
He further added that ether has experienced a sharp rise 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, equivalent to approximately two-thirds of its holdings, generating around $221 million in annualized revenue.