Bitmine Immersion Technologies (BMNR), an Ethereum-focused digital asset treasury (DAT) firm led by Wall Street strategist Thomas Lee, continued to buy Ether. Ethereum$3,541.63 The company announced on Monday that it had added 110,288 tokens to its treasury over the period ending last week, worth about $400 million at current prices.
This purchase increases the company’s ETH holdings to over 3.5 million tokens, which is approximately 2.9% of the total ETH supply. The company also increased its unfunded cash balance to $398 million, an increase of $9 million from the previous week.
Bitmine Chairman Lee, who is also head of research firm Fundstrat, said the company sees the decline in ETH prices as a buying opportunity. “We acquired 34% more ETH than last week,” Lee pointed out.
BMNR stock rose more than 5% after the market open on Monday to trade around $42.40, while ETH rose 6% since Friday to $3,600.
The company’s steady accumulation is noteworthy at a time when digital asset treasuries are struggling to raise funds for new purchases following a drop in DAT stock prices. As stock prices fell below the net asset value (NAV) of the cryptocurrencies they held, many companies stopped purchasing assets and turned to stock buybacks and sales of some cryptocurrencies.
BitMine’s stock price has also fallen more than 30% since early October, adding about 675,000 ETH to its balance sheet, worth more than $2.4 billion at current prices. The company has the second largest holdings in crypto assets with a total holding of $13.2 billion, behind Michael Saylor’s strategy.
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