Bitmine Immersion Technologies (BMNR) said on Monday it bought 65,341 ether (ETH) last week, extending a recent surge in purchases as the firm continues to lean into the market downturn.
The latest purchase, worth about $138 million at current ETH prices, lifted the firm’s total holdings over 4.66 million tokens, bringing 3.86% of ETH’s circulating supply, according to a Monday update.
Bitmine has now increased its buying pace for three consecutive weeks, rising from a previous average of around 50,000 tokens per week. Meanwhile, the company also increased its cash holdings to 1.1 billion.
Chairman Thomas “Tom” Lee said the increase in buying pace reflects the firm’s view that the crypto markets are nearing the end of a prolonged crisis.
“Our starting point is that ETH is in the final stages of the ‘mini crypto winter,'” he said in a statement.
The firm is still sitting on an estimated $7 billion in unrealized losses on its ether purchases, DropsTab data shows, as crypto prices fell in recent months.
