Bitmine Immersion Technologies (BMNR) added to its ether inventory amid last week’s crypto crash, bringing its stack up to more than 4.3 million tokens worth about $8.7 billion at the current price just above $2,000.
Led by chairman Tom Lee, the company, which is the world’s largest holder of ETH, purchased an additional 40,613 tokens over the past week, although it did not disclose the average purchase price. ETH began the week above $2,300 and dipped to as low as $1,700 before closing the week just above $2,000.
BMNR shares are flat in early trading on Monday, though lower by 34% year-to-date.
“Bitmine has been steadily buying Ethereum as we view this pullback as attractive given the strengthening fundamentals,” Lee said in a press release. “In our opinion, the price of ETH does not reflect the high utility value of ETH and its role as the finance of the future.”
Two-thirds of the firm’s ETH, about 2.9 million tokens, has already been staked, generating an annual dividend of $202 million.
Bitmine remains deep underwater on its ETH purchases. Based on data from Dropstab, the company is sitting on a $7.8 billion loss on its ether holdings, which it bought at an average price of $3,826.
