BitMine Immersion Technologies (BMNR), the largest Ethereum-focused digital asset treasury firm, increased its crypto purchase pace as Chairman Tom Lee said he sees growing signs the crypto “mini-winter” is ending.
The firm reported Monday it bought 101,627 ether (ETH) last week, the largest weekly haul since Dec. 15. The purchase, worth roughly over $230 million at current prices, lifted BitMine’s total holdings to 4.97 million ETH.
The move comes as most digital asset treasury companies — except Michael Saylor’s bitcoin -focused Strategy (MSTR) — have slowed or halted buying. BitMine remains one of the last large-scale buyers of ether, providing a steady source of demand for ETH.
BitMine’s total crypto and cash holdings now stand at $12.9 billion. In addition to its ETH treasury, the firm holds 199 bitcoin, $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 drop in crypto prices is nearing an end, pointing to ETH’s rebound and broader market dynamics.
“Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH 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 equities since the start of the Iran conflict on Feb. 28, supported by demand tied to tokenization and AI-related uses.
BitMine has also continued expanding its staking operations. The firm has staked more than 3.3 million ETH, or about two-thirds of its holdings, generating roughly $221 million in annualized revenue.