BitMine Immersion Technologies has stepped up its accumulation of ether, with chairman Tom Lee saying the recent downturn in digital asset markets may be nearing its end.
The company recently added about 61,000 ETH, bringing its total holdings to more than 4.5 million ether, or roughly 3.7% of the cryptocurrency’s circulating supply. The position makes BitMine the largest corporate holder of ETH.
At current market prices, BitMine’s ether treasury is valued at more than $9 billion, though the position still carries large unrealized losses following last year’s market pullback.
Lee described the recent downturn as a “mini crypto winter” but said technical indicators suggest the market may be entering the later stages of a bottoming process. He pointed to historical market patterns that show similarities between the current crypto cycle and past recoveries following major shocks in equity markets.
Despite volatility and geopolitical tensions affecting broader markets, BitMine has continued to add ether while maintaining significant cash reserves and smaller crypto holdings. The company’s total crypto, cash and investment assets are valued at roughly $10.3 billion.
The accumulation strategy reflects BitMine’s long term bet on Ethereum and its plan to expand staking operations tied to the network.