BitMine Immersion Technologies (BMNR) made its biggest weekly purchase of either (ETH) this year, adding 71,179 ETH and extending a month-long buying surge even as cryptocurrency prices remain under pressure.
The purchase, worth about $143 million at current prices, brought the company’s total holdings to more than 4.73 million ETH, about 3.92% of the token’s supply, according to an update on Monday. BitMine has now increased its buying pace for four consecutive weeks, going from a previous average of 45,000 to 50,000 ETH.
The move stands out because most other major digital asset troves (DATs) stopped cryptocurrency accumulation or even sold tokens during the cryptocurrency market slowdown. Strategy (MSTR), the largest corporate bitcoin owner, was the only other major buyer in recent months, and even the company run by Michael Sayler abstained, breaking a 13-week buying streak.
Bitmine President Thomas “Tom” Lee said the company continues to view the current market as the final phase of a recession, as rising oil prices and geopolitical tensions keep risk assets under pressure.
The company’s total cryptocurrency and cash holdings amounted to $10.7 billion. In addition to its ETH treasury, BitMine had 197 bitcoins and $961 million in cash and equity stakes, including $102 million in Eightco Holdings.
