BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset finance company led by Fundstrat’s Thomas Lee, expanded its ether buying streak by buying over 200,000 tokens, around $800 million, over the past week.
After the latest purchase, the company had $13.4 billion in combined crypto, stock and cash assets as of Sunday evening, it said in a press release. That includes over $219 million in unencumbered cash, 192 bitcoin and a $119 million equity stake in Eightco Holdings (ORBS). The ETH portion accounted for the majority of BitMine’s holdings, which now stand at 3.24 million tokens, worth a little over $13 billion at current prices. That’s around 2.7% of the total ETH supply, with the company’s ambition to reach 5%.
Bitmine’s stock rose 8% as crypto prices rallied modestly over the weekend.
The latest purchase means the firm bought about $1.6 billion in ETH over the past two weeks as crypto prices fell, culminating in a dramatic crash on October 10. The company saw the correction as a buying opportunity as “the price shift represents an attractive risk/reward,” said Chairman Thomas Lee.
Lee also said last week that the “bubble” of digital asset tax companies may have already burst, with many newly launched companies trading below the net value of their holdings. BMNR still holds a slight premium to its holdings, Blockworks data shows.
