BitMine Immersion Technologies has scooped up another $240 million worth of Ethereum, its third straight weekly purchase exceeding 100,000 ETH. The mining firm’s buying spree shows no sign of slowing down — and one of the people tied to the company is already calling it the arrival of “Crypto Spring.”
Another massive buy
The $240 million purchase brings BitMine’s total Ether stack this month past 300,000 ETH, at prices that have hovered in a range far below the 2021 peaks. Each of the past three weeks the company has executed buys north of 100,000 ETH, a pace that would put the firm among the largest corporate holders of the asset if it keeps going.
BitMine didn't disclose the exact price it paid, but market data over the period shows Ether trading between $2,800 and $3,200 — well off its all-time high. That’s a deliberate bet on a rebound, not a hedge.
Tom Lee calls it ‘Crypto Spring’
Tom Lee, the strategist associated with BitMine, described the current market conditions as the start of a “Crypto Spring” in a statement that accompanied the purchase. The phrase is a play on the seasonal metaphor that crypto bulls sometimes use: winter is the bear, spring is the thaw. Lee’s comment suggests he sees the worst of the downturn as over, and that these buys are positioning for the next leg up.
Lee hasn't elaborated on what exactly signals the end of winter, but the consistent accumulation by BitMine is itself a data point. If you're buying a sixth of a billion dollars of Ether every week, you're either very confident or very reckless.
The pace raises questions
BitMine is a mining firm, so its core business generates crypto revenue. But buying $720 million of Ether in three weeks goes well beyond typical treasury management. The company hasn't said how it's funding the purchases — whether from mining income, debt, or equity raises. That lack of detail leaves room for skepticism, especially given how quickly the buys are stacking up.
For now, the market is taking it as a signal. Ether's price held steady around $3,100 after the announcement, and volume ticked up slightly. Whether other large holders follow BitMine's lead — or start taking profits into these buys — is the open question. The next weekly purchase, if it happens, will tell us a lot.
