BitMine Immersion Technologies, the premier Ethereum-focused digital asset treasury firm, has intensified its cryptocurrency acquisition pace, with Chairman Tom Lee stating that he observes increasing indications of the crypto 'mini-winter' coming to a close. The company announced on Monday that it purchased 101,627 ether last week, its largest weekly acquisition since December 15. This purchase, valued at over $230 million at current prices, brings BitMine's total holdings to 4.97 million ETH. Notably, this move occurs as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have reduced or ceased buying activities.
As a result, BitMine remains one of the last major 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 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 suggests that ETH is in the final stages of the 'mini-crypto winter',' Lee stated. Furthermore, he noted that ether has experienced a significant surge from its early February lows and has outperformed equities since the onset 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.