BitMine Immersion Technologies (BMNR) purchased 51,162 ether (ETH) last week, worth about $98 million at current prices.
The latest purchase brought the company’s total holdings to over 4.42 million tokens as of February 22, or 3.66% of the total token supply, the company said in its latest update on Monday. He also holds 193 bitcoins, $691 million in cash, and stock stakes, including a $200 million investment in Beast Industries and a smaller investment in Eightco Holdings.
The company said it generates $171 million in annualized revenue by staking more than 3 million of its ETH holdings.
BMNR is down 2% in premarket trading and about 60% over the past six months.
As the price of ETH continues to fall – still down 3% in the past 24 hours to $1,918 – the company’s losses on its $16.4 billion in purchases now exceed $8 billion, according to DropsTab.
“In the midst of this ‘mini crypto winter,’ we continue to focus on methodically executing our treasury strategy and steadily acquiring ETH and, therefore, maximizing the return on our ETH holdings,” said Thomas Lee, President of BitMine.
