BitMine Immersion Technology (BMNR), the largest Ethereum financial company, continued to increase its ether holdings to now hold 3% of the second-largest cryptocurrency supply despite mounting headwinds for digital asset treasury firms amid falling crypto prices.
The firm led by well-known investor Tom Lee reported on Monday that it acquired 69,822 tokens over the past week, worth about $195 million at current prices, bringing its holdings to 3.63 million tokens.
The purchase comes alongside a jump in BitMine’s unencumbered cash balance, which rose to $800 million, up $193 million from the previous week. In total, the firm now has $11.2 billion in combined crypto, cash and other investments. That includes a small stake in Eightco Holdings (ORBS) and 192 bitcoin .
Shares of the firm rose 4.3% pre-market along with ETH and cryptocurrencies rebounding from last week’s lows. Still, BMNR fell 23% last week and is down more than 80% from its July peak.
Digital asset treasuries, or DATs, are facing pressure as many companies’ share prices have fallen below the net asset value of the underlying capital. Most DATs have stopped increasing their assets over the past weeks, while some of them have already started selling part of their holdings to buy back shares.
BitMine remained one of the companies that continued to increase their crypto stash. However, the firm is deep in the red with its crypto bet, sitting on about $4 billion in unrealized losses as ether plunged nearly 40% from its August peak amid the ongoing crypto correction.
Read more: BitMine Immersion Sits on $4B Loss on Ether Bet as Analyst Warns of Structural Issues
