BitMine Immersion Technologies (BMNR), the Ethereum-focused treasury firm led by Fundstrat’s Thomas Lee, bought 82,353 ether as of last week, worth approximately $306 million at early Monday prices, bringing its total holdings to 3.4 million tokens, the company reported Monday.
BMNR is down 5.7% in early trading on Monday alongside a sizeable weekend and Monday drop in cryptocurrency prices, with ETH down 3.5% in the last 24 hours to $3,715.
The company said it also increased its unencumbered cash holdings to $389 million, up from $305 million a week ago. The combined value of BitMine’s cryptocurrency, cash and stock holdings now stands at $13.7 billion, according to the press release, including a $62 million position in Eightco Holdings and 192 bitcoins in total.
The move brings BitMine’s share of the ETH supply to 2.8%, worth approximately $13.3 billion at current prices as part of a long-term strategy to acquire 5% of the token’s supply.
“We are now more than halfway to our goal,” Lee said in a statement.
The acquisition came as many digital asset hoards have seen their share prices fall in recent months, struggling to raise cash and fulfill their mandate of accumulating cryptocurrencies. Some entities, such as Brazil’s ETHZilla and OranjeBTC, chose to buy back shares when their share price fell below the net asset value of their underlying holdings.
