BitMine Immersion Technologies (BMNR), the ether treasury company led by Thomas Lee of Fundstrat, has crossed the 4 million ether mark milestone after acquiring 98,852 tokens last week, according to its Monday update.
The purchase, valued at approximately $300 million at Monday’s prices, brings BitMine’s total ETH holdings to 4,066,062 tokens, or 3.37% of the current ETH supply.
The company also retained $1 billion in cash, unchanged for the week despite the purchases. Its ETH treasury alone is worth just over $12 billion, making it the largest known ETH stash among publicly traded companies.
While many digital asset treasures stopped buying or started selling assets as cryptocurrency prices retreated from their highs in recent months, BitMine continued to accumulate at a steady pace.
Last week’s buying came as crypto markets slipped, with ETH falling from a high of $3,170 early Monday to below $2,800 on Thursday. Since then, the second-largest cryptocurrency has rebounded above $3,000, sending BMNR shares up 4.5% pre-market after Friday’s 10% rebound.
Last week’s addition was down slightly from the previous week’s purchase of 138,000 ETH, but keeps the company on track with its goal of holding 5% of the ether supply. Yet BitMine is estimated to be sitting on more than $3 billion in unrealized losses on its reserve as prices have plummeted over the past few months, according to DropsTab data.
Read more: Tom Lee responds to controversy surrounding Fundstrat’s different outlook on Bitcoin
