BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury (DAT) firm led by Wall Street strategist Thomas Lee, continued to buy ether through last week, added 110,288 tokens worth nearly $400 million at current prices to its treasury, the company said Monday.
The purchases raised the company’s ETH holdings to over 3.5 million tokens, about 2.9% of the total ETH supply. The firm also increased its unencumbered cash balance to $398 million, up $9 million from the previous week.
BitMine chairman Lee, who is also head of research firm Fundstrat, said the firm saw the drop in ETH prices as a buying opportunity. “We acquired 34% more ETH than last week,” Lee pointed out.
BMNR shares traded over 5% higher at around $42.40 shortly after the market opened on Monday, while ETH rose to $3,600, up 6% from Friday.
The firm’s steady accumulation is notable as the digital asset treasury has struggled to raise new funds for purchases as DAT share prices fell. Many firms stopped buying assets, returned to share buybacks or even selling some of their crypto when their share price fell below the net asset value (NAV) of their underlying crypto holdings.
BitMine, whose stock also fell over 30% since early October, added about 675,000 ETH to its balance sheet, worth over $2.4 billion at current prices. The firm has the second largest crypto treasury with a total holding of $13.2 billion, according to Michael Saylor’s strategy.
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