Bitmine Immersion Technologies (BMNR) added to its ether holdings amid last week’s cryptocurrency crash, bringing its stack to over 4.3 million tokens worth around $8.7 billion at the current price just above $2,000.
Led by Chairman Tom Lee, the company, which is the world’s largest holder of ETH, purchased another 40,613 tokens over the past week, although it did not disclose the average purchase price. ETH started the week above $2,300 and fell to as low as $1,700 before closing the week just above $2,000.
BMNR shares are holding steady in early trading Monday, although they are down 34% so far this year.
“Bitmine has been steadily buying Ethereum as we view this pullback as attractive given the strengthening fundamentals,” Lee said in a press release. “In our opinion, the price of ETH does not reflect the great utility of ETH and its role as the future of finance.”
Two-thirds of the company’s ETH, around 2.9 million tokens, are already staked, generating an annualized return of $202 million.
Bitmine remains deeply immersed in its ETH purchases. According to data from Dropstab, the company has a loss of $7.8 billion on its ether holdings, which it purchased at an average price of $3,826.
