BitMine Immersion Technology (BMNR), the largest Ethereum treasury company, continued to increase its ether The holdings now hold 3% of the second-largest cryptocurrency supply despite growing headwinds for digital asset treasury companies amid falling crypto prices.
The company chaired by well-known investor Tom Lee announced on Monday that it had acquired 69,822 tokens over the past week, worth approximately $195 million at current prices, bringing its holdings to 3.63 million tokens.
The purchase comes alongside an increase in BitMine’s unencumbered liquidity, which reached $800 million, $193 million more than the previous week. In total, the company now holds $11.2 billion in combined crypto, cash, and other investments. This includes a small stake in Eightco Holdings (ORBS) and 192 bitcoins. .
Shares of the company rose 4.3% premarket as ETH and cryptocurrency prices rebound from last week’s lows. Still, BMNR declined 23% last week and is down more than 80% from its July peak.
Digital asset treasuries, or DATs, are facing pressure as the share prices of many companies have fallen below the net asset value of the underlying securities. Most DATs have stopped increasing their assets in recent weeks, while some of them have already started selling part of their holdings to buy back shares.
BitMine has remained one of the companies that has continued to increase its cryptocurrency reserve. However, the company is deep in the red on its crypto bet, sitting on unrealized losses of around $4 billion as ether has plunged nearly 40% from its August high amid the ongoing crypto correction.
Read more: BitMine Immersion sitting on $4B loss on Ether bet as analyst warns of structural issues
