BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury company led by Fundstrat’s Thomas Lee, expanded its ether buying spree buying more than 200,000 tokens, approximately $800 million, as of last week.
After the latest purchase, the company had $13.4 billion in combined cryptocurrency, stock and cash assets as of Sunday evening, it said in a press release. That includes more than $219 million in untaxed cash, 192 bitcoins and a $119 million equity stake in Eightco Holdings (ORBS). The ETH portion represented the majority of BitMine’s holdings, now standing at 3.24 million tokens, worth just over $13 billion at current prices. That’s about 2.7% of the total ETH supply, and the company’s ambition is to reach 5%.
Bitmine shares gained 8% as cryptocurrency prices rebounded modestly over the weekend.
The latest purchase means the company purchased approximately $1.6 billion worth of ETH over the past two weeks as cryptocurrency prices fell, culminating in a dramatic drop on October 10. The company viewed the correction as a buying opportunity as the “price dislocation represents an attractive risk/reward,” said President Thomas Lee.
Lee also said last week that the digital asset treasury company “bubble” may have already burst and that many newly launched companies are trading below the net asset value of their holdings. BMNR still maintains a slight premium on its holdings, Blockworks data shows.
