BitMine Immersion Technologies (BMNR), the largest digital asset treasury company focused on Ethereum, has accelerated its pace of crypto buying as its president Tom Lee sees growing signs that crypto’s “mini-winter” is over.
The company announced on Monday that it acquired 101,627 ether (ETH) last week, its largest weekly acquisition since December 15. The purchase, worth approximately over $230 million at current ETH prices, brought BitMine’s total holdings to 4.97 million ETH.
The move comes as most digital asset treasuries – with the exception of Michael Saylor’s Bitcoin-Focused Strategy (MSTR) – have slowed or stopped their purchases in recent months. BitMine remains one of the last large-scale buyers of ether-focused Treasuries, continuing to provide a steady source of demand for ETH.
BitMine’s total crypto and cash holdings stand at $12.9 billion. In addition to its ETH treasury, the company holds 199 bitcoins, $1.12 billion in cash and stakes, including investments in Beast Industries and Eightco Holdings.
President Thomas Lee said the company is seeing signs that the recent downturn is coming to an end, highlighting ETH’s rebound and broader market dynamics.
“Bitmine has maintained the accelerating pace of ETH purchases in each of the last four weeks as our base case ETH is in the latter stages of the ‘mini-cryptocurrency winter,’” Lee said.
He added that ether has risen sharply from its early February lows and has outperformed stocks since the start of the Iranian conflict, supported by demand related to tokenization and AI-related use cases.
BitMine has also continued to expand its staking operations. The company has staked more than 3.3 million ETH, approximately two-thirds of its holdings, generating approximately $221 million in annualized revenue.
