BitMine Immersion Technologies (BMNR), the ether treasure company led by Fundstrat’s Thomas Lee, crossed 4 million ether milestone after acquiring 98,852 tokens last week, according to Monday’s update.
The purchase, valued at around $300 million at Monday prices, brings BitMine’s total ETH holdings to 4,066,062 tokens, or 3.37% of the current ETH supply.
The firm also held $1 billion in cash, unchanged over the week despite the purchases. Its ETH hoard alone is worth just over $12 billion, making it the largest known ETH reserve among publicly traded companies
While many government assets stopped buying or started selling assets as crypto prices pulled back from their highs in recent months, BitMine continued to accumulate at a steady pace.
Last week’s buying came as crypto markets fell, with ETH falling from an early Monday peak of $3,170 to below $2,800 on Thursday. Since then, the second-largest cryptocurrency has returned above $3,000, sending BMNR shares up 4.5% in premarket trading after Friday’s 10% bounce.
Last week’s addition was slightly lower than the previous week’s purchase of 138,000 ETH, but keeps the company on track with its goal of owning 5% of ether’s supply. Still, BitMine is estimated to be sitting on over $3 billion in unrealized losses in its inventory as prices have fallen over the past few months, data on DropsTab shows.
Read more: Tom Lee responds to controversy surrounding Fundstrat’s various bitcoin outlooks
