Bitmine Immersion Technologies (BMNR) said on Monday that it purchased 65,341 ether (ETH) last week, extending a recent surge in purchases as the company continues to ride on the market slowdown.
The latest acquisition, valued at approximately $138 million at current ETH prices, raised the company’s total holdings above 4.66 million tokens, taking up 3.86% of the circulating ETH supply, according to an update on Monday.
Bitmine has now increased its buying pace for three consecutive weeks, surpassing a previous average of around 50,000 tokens per week. Meanwhile, the company also increased its cash holdings to $1.1 billion.
President Thomas “Tom” Lee said the increase in buying pace reflects the company’s view that crypto markets are nearing the end of a prolonged decline.
“Our base case is that ETH is in the final stages of ‘mini-crypto winter,'” he said in a statement.
The company still has an estimated $7 billion unrealized loss on its ether purchases, DropsTab data shows, as cryptocurrency prices have fallen in recent months.
