BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury (DAT) company led by Wall Street strategist Thomas Lee, has continued to buy ether. until last week, adding 110,288 tokens worth nearly $400 million at current prices to its treasury, the company announced Monday.
These purchases brought the company’s ETH holdings to over 3.5 million tokens, or approximately 2.9% of the total ETH supply. The company also increased its unencumbered cash balance to $398 million, up $9 million from the previous week.
BitMine president Lee, who also runs research firm Fundstrat, said the company views the ETH price decline as a buying opportunity. “We acquired 34% more ETH than last week,” Lee highlighted.
BMNR shares rose more than 5% to around $42.40 shortly after the market opened Monday, while ETH rebounded to $3,600, up 6% from Friday.
The company’s steady accumulation is notable as digital asset treasuries have struggled to raise new funds for purchases as DAT’s stock prices have fallen. Many companies stopped purchasing assets, turned to stock buybacks, or even sold some of their cryptocurrencies as their stock prices fell below the net asset value (NAV) of their underlying crypto holdings.
BitMine, whose shares are also down more than 30% from early October, added about 675,000 ETH to its balance sheet, worth more than $2.4 billion at current prices. The company holds the second largest crypto treasury with a total of $13.2 billion, behind Michael Saylor Strategy.
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