%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment BitMine Immersion Technologies (NYSE: $BMNR ) bought $230 million U.S. of Ethereum (CRYPTO: $ETH ) over the past week, its largest purchase of the year. BitMine, which is the largest corporate acquirer of ETH, accelerated its crypto purchases as Chairman Tom Lee called a bottom in the cryptocurrency's price. The company bought 101,627 Ethereum last week, its largest weekly haul since Dec. 15 of last year. The purchase cost $230 million U.S. at current prices. BitMine now owns 4.97 million ETH worth $11.43 billion U.S. based on the present price of $2,300 U.S. per digital token. Analysts note that BitMine remains one of the last large-scale buyers of ETH, providing a steady source of demand for the second largest cryptocurrency by market capitalization. BitMine's total crypto and cash holdings now stand at $12.90 billion U.S. In addition to ETH, the firm owns 199 Bitcoin (CRYPTO: $BTC ) and $1.12 billion U.S. of cash. Lee said in recent media interviews that he sees signs of a bottom in Ethereum, pointing to broader market dynamics and an assumption of peace in the Middle East. Lee notes that Ethereum has risen sharply from its early February lows and has outperformed stocks since the start of the Iran conflict on Feb. 28. Ethereum is currently trading at $2,300 U.S. BMNR stock has declined 30% this year to trade at $22.07 U.S. per share.