BitMine Immersion Technologies (BMNR) made its biggest weekly purchase of either (ETH) this year, adding 71,179 ETH and extending a month-long buying rally, even as crypto prices remain under pressure.
The purchase, worth about $143 million at current prices, lifted the company’s total holdings to over 4.73 million ETH, about 3.92% of the token’s supply, according to a Monday update. BitMine has now increased its buying pace for four consecutive weeks, rising from a previous average of 45,000 to 50,000 ETH.
The move stands out as most other major digital asset treasuries (DAT) halted crypto accumulation or even sold tokens during the crypto market downturn. Strategy (MSTR), the largest corporate bitcoin owner, was the only other major buyer in recent months, and even the Michael Sayler-led firm divested, snapping a 13-week buying streak.
Bitmine Chairman Thomas “Tom” Lee said the firm continues to view the current market as the final phase of a downturn, as rising oil prices and geopolitical tensions keep risk assets under pressure.
The company’s total crypto and cash holdings stood at $10.7 billion. In addition to its ETH cache, BitMine held 197 bitcoin and $961 million in cash and equity holdings, including $102 million in Eightco Holdings.
