BitMine Immersion Technologies (BMNR), the ether treasury firm led by Fundstrat’s Thomas Lee, surpassed 4 million ether. milestone after acquiring 98,852 tokens last week, according to its update on Monday.
The purchase, valued at approximately $300 million at Monday prices, brings BitMine’s total ETH holdings to 4,066,062 tokens, or 3.37% of the current ETH supply.
The company also held $1 billion in cash, unchanged for the week despite the purchases. Its ETH treasury alone is worth just over $12 billion, making it the largest known ETH stash among publicly traded companies.
While many digital asset treasuries stopped buying or began selling assets as cryptocurrency prices retreated from their highs in recent months, BitMine continued to accumulate at a steady pace.
Last week’s purchases came as crypto markets fell, with ETH falling from a high of $3,170 early Monday to below $2,800 on Thursday. The second-largest cryptocurrency has since recovered above $3,000, sending BMNR shares up 4.5% in pre-market trading after Friday’s 10% bounce.
Last week’s addition was slightly lower than the previous week’s purchase of 138,000 ETH, but keeps the company on track toward its goal of owning 5% of the ether supply. Still, BitMine is estimated to have more than $3 billion in unrealized losses in its reserve as prices have plummeted in recent months, DropsTab data shows.
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