BitMine Immersion Technologies (BMNR) stepped up its Ethereum buying spree last week, scooping up 101,627 ETH — the company’s largest weekly purchase since Dec. 15. At current prices, that haul is worth roughly $230 million and brings BitMine’s total ether balance to about 4.97 million ETH.
The purchase continues a multiweek accumulation: BitMine has raised the pace of ETH buys for four straight weeks. Chairman Tom Lee framed the strategy as a bet that the recent downturn in crypto prices is close to bottoming. “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, noting that ether has rebounded strongly from early‑February lows and has outperformed equities since the start of the Iran conflict on Feb. 28. He cited growing demand tied to tokenization and AI-driven use cases as additional support for ETH.
BitMine remains one of the few large-scale buyers of ether at a time when many corporate crypto treasuries have slowed or stopped acquisitions — with the notable exception of MicroStrategy (MSTR), which continues to focus on bitcoin. BitMine’s aggressive purchases provide a steady source of demand for ETH amid a cautious institutional landscape.
On a balance-sheet level, BitMine’s total crypto and cash holdings now stand at $12.9 billion. Beyond its nearly 5 million ETH, the company holds 199 bitcoin and about $1.12 billion in cash and equity stakes, including investments in Beast Industries and Eightco Holdings.
The firm has also been expanding its staking operations: more than 3.3 million ETH — roughly two‑thirds of its holdings — have been staked, producing approximately $221 million in annualized revenue. That mix of accumulation and revenue-generating staking positions BitMine to both push demand for ETH and monetize long-term holdings as markets recover.
Read more AI-generated news on: undefined/news
