Bitmine Immersion Technologies (BMNR) added to its ether holdings amid last week’s crypto crash, growing its stack to more than 4.3 million tokens worth around $8.7 billion at the current price just above $2,000.
Led by its president Tom Lee, the company, which is the largest holder of ETH in the world, purchased an additional 40,613 tokens over the past week, although it did not disclose the average purchase price. ETH started the week above $2,300 and dipped as low as $1,700 before closing the week just above $2,000.
BMNR shares are flat in early trading Monday, although they are down 34% year to date.
“Bitmine has been consistently buying Ethereum as we view this pullback as attractive given the strengthening fundamentals,” Lee said in a press release. “In our opinion, the price of ETH does not reflect the broad utility of ETH and its role as the future of finance.”
Two-thirds of the company’s ETH, or approximately 2.9 million tokens, are already staked, generating an annualized yield of $202 million.
Bitmine remains deeply underwater on its ETH purchases. According to Dropstab data, the company is seeing a loss of $7.8 billion on its ether holdings, which it purchased at an average price of $3,826.
