BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, 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 purchased 101,627 ether (ETH) the previous week, marking its largest weekly acquisition since December 15. With a value of over $230 million at current prices, this purchase has increased BitMine's total ETH holdings to 4.97 million.
This move is notable as most digital asset treasury firms, excluding Michael Saylor's bitcoin-focused Strategy, have reduced or suspended their buying activities. BitMine remains one of the primary large-scale buyers of ether, providing a consistent source of demand for ETH.
The company's total crypto and cash holdings now amount to $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 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 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-based applications.
Additionally, BitMine has continued to expand its staking operations, having staked over 3.3 million ETH, approximately two-thirds of its holdings, resulting in approximately $221 million in annualized revenue.