BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury firm, has intensified its cryptocurrency purchasing pace. Chairman Tom Lee expressed his belief that the crypto 'mini-winter' is coming to an end, citing growing signs of recovery. The company announced the purchase of 101,627 ether, valued at over $230 million, marking its largest weekly acquisition since December 15.
This significant purchase has boosted BitMine's total ETH holdings to 4.97 million. Notably, while most digital asset treasury companies have slowed or ceased buying, BitMine remains a prominent large-scale buyer of ether, providing consistent 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 recent decline in crypto prices is nearing its end, as evidenced by 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. He also highlighted that ether has seen 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 uses. Furthermore, BitMine has continued to expand its staking operations, with over 3.3 million ETH staked, generating approximately $221 million in annualized revenue.