BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has intensified 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 the purchase of 101,627 ether (ETH) in the previous week, representing its largest weekly acquisition since December 15.
This purchase, valued at over $230 million at current prices, has increased BitMine's total ETH holdings to 4.97 million. This move occurs as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed or ceased their buying activities. BitMine remains one of the last major buyers of ether, providing a consistent source of demand for ETH. The firm's total crypto and cash holdings now amount to $12.9 billion, comprising 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. Furthermore, he 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.
BitMine has also 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.