BitMine Immersion Technologies (BMNR), the largest digital asset treasury firm focused on Ethereum, increased its cryptocurrency buying pace as President Tom Lee said he sees growing signs that the crypto “mini-winter” is ending.
The company reported on Monday that it bought 101,627 ether (ETH) last week, the largest weekly haul since December 15. The purchase, worth approximately more than $230 million at current prices, brought BitMine’s total holdings to 4.97 million ETH.
The move comes like most digital asset treasury companies except Michael Saylor’s bitcoin. Market Focused Strategy (MSTR): They have slowed or stopped purchases. BitMine remains one of the last large-scale buyers of ether, providing a steady source of demand for ETH.
BitMine’s total cryptocurrency and cash holdings now stand at $12.9 billion. In addition to its ETH treasury, the company holds 199 bitcoins, $1.12 billion in cash and equity stakes, including investments in Beast Industries and Eightco Holdings.
Lee said the firm sees signs that the recent decline in cryptocurrency prices is coming to an end, pointing to ETH’s rebound and broader market dynamics.
“Bitmine has maintained the highest pace of ETH purchases in each of the last four weeks, as our ETH base case is in the final stages of the ‘mini-crypto winter,’” Lee said.
He added that ether has risen sharply from its early February lows and has outperformed stocks since the start of the conflict with Iran on February 28, supported by demand linked to tokenization and AI-related uses.
BitMine has also continued to expand its staking operations. The company has staked more than 3.3 million ETH, or about two-thirds of its holdings, generating approximately $221 million in annualized revenue.
