BitMine Immersion Technologies (BMNR) purchased 51,162 ether (ETH) last week, or approximately $98 million at current prices.
The latest purchase brought the company’s total holdings to more than 4.42 million tokens as of February 22, taking up 3.66% of the total token supply, the company said in its latest update on Monday. He also owns 193 bitcoins, $691 million in cash and equity stakes, including a $200 million investment in Beast Industries and a smaller investment in Eightco Holdings.
The company said it is generating $171 million in annualized revenue by staking more than 3 million of its ETH holdings.
BMNR is down 2% in pre-market trading and about 60% in the last six months.
As the price of ETH continues to fall (another 3% in the last 24 hours to $1,918), the company’s losses on its $16.4 billion in purchases now exceed $8 billion, according to DropsTab.
“Amid this ‘mini crypto winter,’ our focus remains on methodically executing our treasury strategy and steadily acquiring ETH while optimizing the performance of our ETH holdings,” said BitMine President Thomas Lee.
