BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury company led by Fundstrat’s Thomas Lee, has expanded its ether offering buying streak purchasing over 200,000 tokens, or around $800 million, through last week.
After the latest purchase, the company held $13.4 billion in combined assets in crypto, stocks and cash as of Sunday evening, it said in a press release. This includes over $219 million in unencumbered cash, 192 bitcoins. and a $119 million stake in Eightco Holdings (ORBS). The ETH portion represented the majority of BitMine’s holdings, now standing at 3.24 million tokens, worth just over $13 billion at current prices. This represents approximately 2.7% of the total ETH supply, with the company’s ambition to reach 5%.
Bitmine stock gained 8% as cryptocurrency prices rebounded slightly over the weekend.
The latest purchase means the company purchased around $1.6 billion worth of ETH over the past two weeks as cryptocurrency prices fell, culminating in a dramatic crash on October 10. The company saw the correction as a buying opportunity because “price dislocation represents an attractive risk/reward ratio,” Chairman Thomas Lee said.
Lee also said last week that the “bubble” of digital asset treasury companies may already have burst, with many recently launched companies trading below the net asset value of their holdings. BMNR still maintains a slight premium on its holdings, according to Blockworks data.
