Bitmine Immersion Technologies (BMNR) said Monday that it purchased 65,341 ether (ETH) last week, extending a recent buying spree as the company continues to address the market slowdown.
The latest acquisition, worth approximately $138 million at current ETH prices, brought the company’s total holdings above 4.66 million tokens, grabbing 3.86% of ETH’s circulating supply, according to a Monday update.
Bitmine has now increased its purchasing pace for three consecutive weeks, from a previous average of around 50,000 tokens per week. At the same time, the company also increased its liquidity to $1.1 billion.
President Thomas “Tom” Lee said the increased pace of purchases reflects the firm’s view that crypto markets are nearing the end of a prolonged slump.
“Our base case is that ETH is in the latter stages of the “mini-cryptowinter,” he said in a statement.
The company is still sitting on an estimated $7 billion unrealized loss on its ether purchases, DropsTab data shows, as crypto prices have fallen in recent months.
