BitMine Buys 65,000 ETH for $138M - Tom Lee Sees End of Crypto Winter

BitMine Immersion Technologies (BMNR) acquired 65,341 Ethereum worth $138 million over the past week, accelerating its buying pace for the third consecutive week. The company's total ETH portfolio has reached a record 4.66 million tokens, with combined crypto and cash holdings of $11 billion.

Record Weekly Purchase Volume

Over the past week, BitMine acquired 65,341 ETH at an average price of approximately $2,072 per token. This significantly exceeds the previous average weekly pace of 45,000-50,000 ETH that the company maintained throughout February and early March. BMNR shares on NYSE American rose 3% following the report.

Tom Lee, chairman of BitMine's board and co-founder of research firm Fundstrat Global Advisors, stated that the company is confident in Ethereum's prospects. According to Lee, ETH is in the "final stages of a mini-crypto winter," and current prices create an ideal window for accumulation before the next market cycle.

This marks the third consecutive week of accelerating purchases. If the trend continues, the company could surpass the 5 million ETH mark before the end of April, representing over 4% of the total circulating supply.

MAVAN Staking Generates $184M Annually

The central element of BitMine's strategy is Ethereum staking through its proprietary MAVAN (Made in America Validator Network). As of March 22, the company has staked 3,142,643 ETH worth $6.5 billion, providing a current annual income of $184 million.

At full MAVAN deployment, when the entire portfolio is engaged in staking, annual revenue could reach $272 million at a yield rate of 2.83%. The company works with three staking providers to ensure maximum reliability, security, and decentralization of its validator infrastructure.

Staking serves a dual purpose: it generates passive income for the company while simultaneously reducing ETH's liquid supply on the market. Of the 4.66 million tokens in the portfolio, 67% (3.14 million) are already locked in staking, making them unavailable for immediate sale.

The World's Second-Largest Crypto Treasury

BitMine holds the position of the second-largest corporate crypto treasury after Strategy (MSTR), which holds 762,099 Bitcoin worth $57.69 billion. Both companies use a model where the primary balance sheet asset is cryptocurrency rather than traditional financial instruments.

The key difference lies in the revenue source: BitMine generates passive income from Ethereum staking, while Strategy relies solely on Bitcoin price appreciation. Additionally, BitMine maintains a significant cash reserve of $1.1 billion, providing flexibility to continue purchases even during prolonged market downturns.

• Strategy (MSTR): 762,099 BTC ($57.69B) - #1 globally, no passive income from the asset
• BitMine (BMNR): 4,660,903 ETH ($11B) - #2 globally, $184M/year from staking

Outlook for the Ethereum Market

The concentration of 3.86% of ETH's circulating supply in a single entity is unprecedented for the Ethereum market. Active staking of a significant portion of these tokens further reduces liquid supply, potentially creating a shortage when demand increases.

ETH currently trades around $2,100, well below its all-time high. Despite this, BitMine consistently builds its position, signaling confidence in long-term potential. For those planning to sell Ethereum for hryvnia, note that that institutional accumulation of this scale has historically preceded significant price rallies.

Conclusions

BitMine continues its aggressive Ethereum accumulation strategy, increasing its weekly purchase volume to a record 65,341 ETH. Tom Lee's claim about the "final stages of crypto winter" may prove premature, but the scale of corporate investment demonstrates serious long-term conviction in the asset. With staking revenue and growing control over supply, BitMine is becoming one of the most influential players in the Ethereum ecosystem.