BitMine Immersion Technologies, a leading Ethereum-focused digital asset treasury, has stepped up its cryptocurrency purchasing pace. According to Chairman Tom Lee, the company is witnessing growing indications that the crypto 'mini-winter' is coming to an end. Last week, the firm purchased 101,627 ether, valued at over $230 million at current prices, marking its largest weekly acquisition since December 15. This purchase has increased BitMine's total ETH holdings to 4.97 million.
This move is notable as most digital asset treasury companies, with the exception of Michael Saylor's bitcoin-focused Strategy, have slowed down or halted their buying activities. 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 199 bitcoin, $1.12 billion in cash, and equity stakes in companies such as Beast Industries and Eightco Holdings.
Lee stated that the company believes 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 forecast suggests ETH is in the final stages of the 'mini-crypto winter,'" Lee stated. He further added that ether has seen a significant rise 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, generating approximately $221 million in annualized revenue.