Bitmine Immersion Technologies chairman Tom Lee has declared the end of a 'mini-crypto winter' for Ether, citing strong accumulation activity. The firm purchased an additional 65,341 ETH last week-worth $139 million-bringing its total holdings to over 4.6 million tokens.
This brings Bitmine within striking distance of its goal to accumulate 5% of Ethereum’s circulating supply. At current prices, the remaining target requires approximately $2.9 billion in purchases.
Lee noted that ETH has outperformed equities by 2,450 basis points since the Iran conflict began, rising 18% while gold fell over 15%. He attributes this to crypto’s emergence as a wartime store of value.
The company has staked more than three million ETH and holds $1.1 billion in cash, 196 BTC, and stakes in Beast Industries and Eightco Holdings. Bitmine now leads the largest corporate ETH treasury tracker, surpassing SharpLink Gaming and Ether Machine.