BitMine Immersion Technologies (BMNR), the largest Ethereum treasury company, purchased 45,759 ether (ETH) worth over $90 million last week, extending its buying spree despite the crypto price falling sharply.
This is the largest weekly purchase this year in terms of tokens, bringing the company’s total ETH holdings to 4,371,497 tokens, the company announced in a Tuesday update. That equates to $8.7 billion at current prices, while the company is estimated to be sitting on nearly $8 billion in paper losses.
The company also increased its cash position to $670 million, alongside its smaller bitcoin. reserves and equity stakes, including a $200 million position in Beast Industries. Total assets stand at $9.6 billion, while BitMine’s share of the total ETH supply reached 3.62%.
BitMine has now staked more than 3 million ETH – approximately 69% of its holdings – which generates $176 million in annualized rewards, according to President Tom Lee. The company’s staking operations currently yield 2.89% annualized.
Lee said sentiment in crypto markets remained depressed, drawing comparisons to the lows of 2018 and 2022. But he argued that the current environment differs in that there has been no major collapse of big players.
“Investor sentiment and enthusiasm are at an all-time low, reminding us of the despair and despondency seen during the lows and depths of the 2018 crypto winter of November 2022,” he said. “Rather, it appears that crypto has remained weak since the “price shock” and massive deleveraging seen on October 10.”
Lee also highlighted developments from last week’s Hong Kong Consensus conference, where he cited tokenization, artificial intelligence (AI) integrations, and proof-of-humanity infrastructure as long-term growth drivers for Ethereum.
“The price of ETH does not reflect the broad utility of ETH and its role as the future of finance,” Lee said. “Therefore, we continue to buy ETH even as the crypto goes through this “mini-winter.” »
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