Bitmine Immersion (BMNR), the largest Ethereum (ETH) treasury company, increased its buying pace last week, purchasing 42,197 ether (ETH), as Chairman Thomas Lee highlighted the improving outlook for U.S. crypto legislation as an enabler for the asset.
The latest purchase, worth around $74 million based on the current ether price of around $1,750, brought the company’s holdings to 5.74 million ETH, according to an update on Monday. The reserve is now worth around $10 billion and represents 4.8% of Ethereum’s circulating supply, moving closer to the company’s goal of monopolizing 5% of the asset’s supply.
The company also held 206 bitcoins, $527 million in cash and marketable securities, as well as stakes in Beast Industries and Eightco Holdings, bringing its total cryptocurrencies, cash and investments to $11.1 billion.
The acquisition marks an increase from the previous week’s purchase of 27,084 ETH, although it remains below the six-figure weekly purchasing pace BitMine maintained earlier this year.
Bitmine buys like Strategy sells
Bitmine’s continued purchases contrast with a shift at Strategy (MSTR), the largest corporate digital asset and bitcoin treasury holder, which sold about $216 million worth of BTC to raise cash. The sale marked a rare reduction in Strategy’s bitcoin holdings and highlighted the funding pressures the company faces amid a slowing crypto market and rising dividend obligations.
