BitMine Immersion Technologies (BMNR), a leading Ethereum-centric digital asset treasury company, has accelerated its cryptocurrency acquisitions as chairman Tom Lee identifies indications that the crypto ‘mini-winter’ is drawing to a close. The firm announced on Monday that it had purchased 101,627 ether (ETH) over the past week, marking its most significant weekly acquisition since December 15. Valued at approximately $230 million based on current ETH prices, this purchase increased BitMine’s total ETH holdings to 4.97 million.
While many digital asset treasuries have reduced or paused their purchasing activities recently, with the exception of Michael Saylor’s bitcoin-focused Strategy (MSTR), BitMine continues as one of the few large-scale buyers in the ether-focused market, consistently providing demand for ETH. The firm’s total holdings, including both crypto and cash assets, amount to $12.9 billion. Besides its sizable ETH treasury, BitMine holds 199 bitcoins, $1.12 billion in cash, and equity investments such as those in Beast Industries and Eightco Holdings.
Chairman Thomas Lee has observed signs suggesting the end of the recent downturn, citing ETH’s recovery and broader market trends as evidence. “Bitmine has sustained an increased pace of ETH purchases over each of the last four weeks, believing that our base case for ETH is in the concluding phases of the ‘mini-crypto winter,’” Lee remarked.
He noted that ether has significantly rebounded from its early February lows and has outpaced equities since the onset of the Iran conflict, driven by demand linked to tokenization and AI-related applications. Additionally, BitMine has been expanding its staking operations, having staked over 3.3 million ETH — roughly two-thirds of its holdings — which generates about $221 million in annualized revenue.