BitMine Immersion Technology (BMNR), the largest Ethereum treasury company, continued to increase its ether holdings so far own 3% of the second-largest cryptocurrency supply despite growing headwinds for digital asset treasury companies amid falling cryptocurrency prices.
The firm chaired by well-known investor Tom Lee reported on Monday that it acquired 69,822 tokens over the past week, worth around $195 million at current prices, bringing its holdings to 3.63 million tokens.
The purchase comes alongside an increase in BitMine’s untaxed cash holdings, which rose to $800 million, up $193 million from the previous week. In total, the company now holds $11.2 billion in cryptocurrencies, cash and other investments combined. That includes a small stake in Eightco Holdings (ORBS) and 192 bitcoins. .
The company’s shares rose 4.3% premarket, while ETH and cryptocurrency prices recovered from last week’s lows. Still, BMNR declined 23% last week and is down more than 80% since its peak in July.
Digital asset treasuries, or DATs, are facing pressure as the share prices of many companies have fallen below the net asset value of the underlying holdings. Most DATs have stopped increasing their assets in recent weeks, while some of them have already started selling a portion of their holdings to buy back shares.
BitMine remained one of the companies that continued to increase its cryptocurrency reserve. However, the company is deep in the red on its crypto bet, with roughly $4 billion of unrealized losses, as ether plunged nearly 40% from its August peak amid the ongoing crypto correction.
Read More: BitMine Immersion Suffers $4 Billion Loss on Ether Bet as Analyst Warns of Structural Issues
