BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has stepped up its cryptocurrency purchasing pace, with Chairman Tom Lee stating that he sees indications 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 approximately $230 million at current prices, has elevated BitMine's total holdings to 4.97 million ETH. This move comes at a time when most digital asset treasury firms, with the exception of Michael Saylor's bitcoin-focused Strategy, have either slowed down or ceased buying. As a result, BitMine remains one of the few large-scale 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 various companies, including 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 scenario suggests 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 applications. Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, or approximately two-thirds of its holdings, generating around $221 million in annualized revenue.