'Ethereum is in the final stages of mini-crypto winter,' Tom Lee says as Bitmine adds another 65,341 ETH

Tom Lee-chaired Ethereum (ETH) treasury company Bitmine Immersion's holdings have reached 4,660,903 ETH — worth around $10 billion at current prices — following its latest weekly acquisitions.

Bitmine bought 65,341 ETH since its last update on March 16, reporting its total crypto and cash holdings stood at $11 billion on Monday. Bitmine did not disclose the average purchase price, but at current prices, its latest acquisition is worth around $140 million.

As of March 22, Bitmine also holds 196 BTC ($13.9 million), a $200 million stake in Beast Industries, a $95 million stake in WLD treasury firm Eightco, and total cash of $1.1 billion. The company's ETH holdings are equivalent to around 3.86% of Ethereum's current circulating supply, which sits at approximately 120.7 million ETH, according to The Block's Ether price page.

"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 2,450bp. Crypto is demonstrating itself to be a good 'war time' store of value," Lee said in a statement. "Bitmine has maintained the increased pace of ETH buys in each of the past three weeks, as our base case is ETH is in the final stages of the 'mini-crypto winter.'"

Meanwhile, Bitmine's total staked Ethereum stands at 3,142,643 ETH. "Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the ETH staking reward is $272 million annually (using 2.83% 7-day BMNR yield)," Lee said.

Outpacing Ethereum treasury peers

Bitmine remains the largest Ethereum treasury holder, followed by Joe Lubin's SharpLink and The Ether Machine, with approximately 863,021 ETH and 496,712 ETH, respectively, according to SER data.

Bitmine is also the second-largest public crypto treasury company overall, behind Michael Saylor's Strategy, which holds 762,099 BTC ($54 billion) — equivalent to more than 3.5% of bitcoin's total 21 million supply — following Strategy's latest $77 million acquisition announcement on Monday.

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Supported by institutional investors including Ark Invest's Cathie Wood, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, and Galaxy Digital, Bitmine targets acquiring 5% of the circulating ETH supply, currently equivalent to around 6.04 million ETH.