BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has intensified its cryptocurrency purchase pace, with Chairman Tom Lee noting 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, representing its largest weekly haul since December 15. Valued at approximately $230 million at current prices, this purchase has increased BitMine's total ETH holdings to 4.97 million.
Notably, most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have either slowed down or ceased their 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 combined crypto and cash holdings now amount to $12.9 billion, comprising 199 bitcoin, $1.12 billion in cash and equity stakes, including investments in Beast Industries and Eightco Holdings.
According to Lee, the company believes that the recent decline in crypto prices is nearing its end, citing ETH's rebound and broader market trends. 'Bitmine has sustained 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 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, having staked over 3.3 million ETH, which accounts for roughly two-thirds of its holdings, and generating approximately $221 million in annualized revenue.