BitMine Immersion Technologies (BMNR), the Ethereum-focused treasury company led by Thomas Lee of Fundstrat, purchased 82,353 ether. through last week, worth about $306 million at Monday morning prices, bringing its total holdings to 3.4 million tokens, the company reported Monday.
BMNR is down 5.7% as of early Monday, alongside a significant decline in crypto prices late in the weekend and into Monday, with ETH down 3.5% over the past 24 hours at $3,715.
The company said it also increased its unencumbered liquidity to $389 million, up from $305 million a week ago. The combined value of BitMine’s crypto, cash and stock holdings now stands at $13.7 billion, according to the press release, including a $62 million position in Eightco Holdings and 192 bitcoins in total.
The move brings BitMine’s share of the ETH supply to 2.8%, worth approximately $13.3 billion at current prices, as part of a long-term strategy to acquire 5% of the token supply.
“We are now more than halfway to our goal,” Lee said in a statement.
The acquisition came as many digital asset treasuries have seen their share prices fall in recent months, struggling to raise cash and continue their mandate of accumulating cryptocurrencies. Some entities, such as ETHZilla and Brazilian company OranjeBTC, decided to repurchase shares when their stock prices fell below the net asset value of their underlying holdings.
