BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury (DAT) company led by Wall Street strategist Thomas Lee, continued buying ether. as of last week, adding 110,288 tokens worth nearly $400 million at current prices to its treasury, the company said Monday.
The purchases raised the company’s ETH holdings to more than 3.5 million tokens, about 2.9% of the total ETH supply. The company also increased its unencumbered cash balance to $398 million, up $9 million from the previous week.
BitMine President Lee, who is also a director at research firm Fundstrat, said the firm saw the drop in ETH prices as a buying opportunity. “We acquired 34% more ETH than last week,” Lee noted.
BMNR shares traded more than 5% higher, at around $42.40, shortly after the market opened on Monday, while ETH rose to $3,600, up 6% from Friday.
The company’s steady buildup is notable, as digital asset treasuries have struggled to raise new funds for purchases while DAT share prices fell. Many companies stopped buying assets, switched to buying back shares, or even selling some of their cryptocurrencies when their share price fell below the net asset value (NAV) of their underlying cryptocurrency holdings.
BitMine, whose shares have also fallen more than 30% since the beginning of October, added around 675,000 ETH to its balance sheet, worth more than $2.4 billion at current prices. The company has the second largest cryptocurrency treasury with a total holding of $13.2 billion, behind Michael Saylor’s strategy.
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