Bitmine Immersion Technologies (BMNR), the largest Ethereum treasury, bought 27,084 ether (ETH) last week, extending its accumulation streak despite another drop in cryptocurrency prices.
The purchase, worth about $43 million based on the current ETH price of around $1,580, raised Bitmine’s holdings to 5.7 million ETH, according to an update from the company on Monday. The stash is worth around $8.9 billion and represents roughly 4.7% of Ethereum’s circulating supply, approaching the company’s 5% target.
The company also held 206 bitcoins, $555 million in cash and marketable securities, and stakes in Beast Industries and Eightco Holdings, bringing its total cryptocurrency holdings, cash, and investments to $9.8 billion.
The latest acquisition was the smallest purchase since early May, down from 52,203 ETH the week before and well below the 126,971 ETH lot from earlier this month, suggesting the company is slowing its pace of purchases after months of aggressive accumulation. However, Bitmine remains one of the few large digital asset treasury companies that continues to steadily increase its cryptocurrency holdings, while many peers have paused purchases amid the market decline.
Crypto weakness
Chairman Thomas “Tom” Lee pointed to end-of-quarter rebalancing behind the latest bout of weakness in crypto markets with investors paring their losses as we enter the second half of the year.
