Bitmine Immersion Technologies (BMNR), the largest Ethereum treasury company, purchased 27,084 ether (ETH) last week, extending its accumulation streak despite another decline in crypto prices.
The purchase, worth around $43 million based on the current ETH price of around $1,580, brought Bitmine’s holdings to 5.7 million ETH, according to a company update on Monday. The reserve is worth about $8.9 billion and represents about 4.7% of Ethereum’s circulating supply, which is close to the company’s 5% target.
The company also held 206 bitcoins, $555 million in cash and marketable securities and stakes in Beast Industries and Eightco Holdings, bringing total crypto holdings, cash and investments to $9.8 billion.
The latest acquisition is the smallest purchase since early May, down from 52,203 ETH from the previous week and well below the 126,971 ETH lot from earlier this month, suggesting the company is slowing its pace of buying after months of aggressive accumulation. Bitmine nonetheless remains one of the few major digital asset treasury companies that continues to steadily increase its crypto holdings, while many peers have suspended purchases due to the market slowdown.
Weakness of cryptography
Chairman Thomas “Tom” Lee highlighted the end-of-quarter rebalancing behind the latest bout of weakness in crypto markets, with investors cutting losses heading into the second half of the year.
