BitMine Immersion Technologies (BMNR) made its largest weekly purchase of either (ETH) this year, adding 71,179 ETH and extending a month-long buying ramp-up even as crypto prices remain under pressure.
The purchase, worth approximately $143 million at current prices, brought the company’s total holdings to more than 4.73 million ETH, or approximately 3.92% of the token supply, according to an update on Monday. BitMine has now increased its buying pace for four consecutive weeks, from a previous average of 45,000 to 50,000 ETH.
The move stands out as most other major digital asset treasuries (DATs) have halted crypto accumulation or even sold tokens during the crypto market downturn. Strategy (MSTR), the largest corporate bitcoin owner, was the only other major buyer in recent months, and even the Michael Sayler-led company abstained, breaking a 13-week buying streak.
Bitmine President Thomas “Tom” Lee said the company continues to view the current market as the final phase of a downturn, as rising oil prices and geopolitical tensions keep risky assets under pressure.
The company’s total crypto and cash holdings stood at $10.7 billion. In addition to its ETH treasury, BitMine held 197 bitcoins and $961 million in cash and stakes, including $102 million in Eightco Holdings.
