Bitmine Immersion Technologies (BMNR), the largest Ethereum treasury company, bought 27,084 ether (ETH) last week, extending its accumulation streak despite another drop in crypto prices.
The purchase, worth about $43 million based on ETH’s current price of about $1,580, lifted Bitmine’s holdings to 5.7 million ETH, according to a company update Monday. The holding is worth about $8.9 billion and represents about 4.7% of Ethereum’s circulating supply, close to the company’s goal of 5%.
The company also held 206 bitcoin, $555 million in cash and marketable securities, and shares in Beast Industries and Eightco Holdings, bringing its total crypto, cash and investment holdings to $9.8 billion.
The latest purchase was the smallest since early May, down from 52,203 ETH the previous week and well below the 126,971 ETH batch earlier this month, suggesting the company is dialing back the buying pace after months of aggressive accumulation. Bitmine nonetheless remains one of the few major financial assets still consistently adding to its crypto holdings, while many peers have paused purchases amid the market downturn.
Crypto weakness
Chairman Thomas “Tom” Lee pointed to a quarter-end rebalancing behind the latest bout of weakness in the crypto markets, with investors cutting their losses as we head into the second half of the year.
