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BitMine Immersion Technologies chairman Tom Lee has signaled that the “mini crypto winter” affecting Ether may be nearing its end, as the firm added another $140 million worth of ETH last week — moving closer to its target of acquiring 5% of the token’s total supply.
BitMine Adds 65,341 ETH to Its Crypto Treasury
BitMine scooped up 65,341 ETH since its last update on March 16, bringing its total holdings to over 4.66 million tokens—$10.17 billion worth. While the company did not reveal the average purchase price, the newly added ETH is currently valued at roughly $140 million. The company’s ETH holdings now represent roughly 3.86% of Ethereum’s circulating supply, currently estimated at 120.7 million ETH.
Tom Lee said on Monday that BitMine Immersion Technologies has ramped up its buying pace over the past three weeks, anticipating an end to the prolonged Ether slump under its “base case” scenario.
“Our base case is ETH is in the final stages of the ‘mini-crypto winter,’ he opined in a statement.
The crypto market experienced a sharp downturn in October last year, with Bitcoin dropping from its all-time high above $126,000 and Ether falling from its August peak of $4,946. Market pundits continue to debate when a significant market recovery might occur.
Lee highlighted several positive factors—such as the progress of the CLARITY Act in Congress and crypto’s resilience amid recent tensions in Iran—as signs that the crypto winter may be easing.
“As many have noticed, crypto and particularly ETH have outperformed the broader market since the Iran war commenced, with ETH rising 18% and outperforming equities by 2,450 basis points,” Lee posited. “This is a marked contrast to Gold, a traditional store of value, which has fallen more than 15%. Crypto is demonstrating itself to be a good ‘wartime’ store of value.”
BitMine stated in a press release that it also holds $1.1 billion in cash, in addition to roughly $14 million in Bitcoin.
BitMine Inches Closer to Its Ether Accumulation Target
BitMine remains the largest treasury holder of the world’s second-largest crypto by market cap, followed by Joe Lubin’s SharpLink and The Ether Machine, which hold approximately 863,021 ETH and 496,712 ETH, respectively, according to SER data.
BitMine is also the second-largest public crypto treasury overall, trailing only Strategy, led by Michael Saylor, which holds a staggering 762,099 BTC (around $54 billion)—representing over 3.5% of Bitcoin’s total 21 million supply.
BitMine Immersion Technologies aims to acquire 5% of Ethereum’s circulating supply, which currently amounts to roughly 6.04 million ETH.
To achieve this target, BitMine would need to purchase about 1.4 million ETH, which at today’s prices would cost approximately $2.9 billion, per CoinGecko.
Source: https://zycrypto.com/tom-lee-tips-end-to-mini-crypto-winter-as-bitmine-doubles-down-with-140m-eth-buy/
