BitMine (BMNR) Keeps Buying Ether (ETH)

BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury (DAT) firm led by Wall Street strategist Thomas Lee, kept buying ether ETH$3,541.63 through 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 over 3.5 million tokens, roughly 2.9% of the total ETH supply. The firm also increased its unencumbered cash balance to $398 million, up $9 million from the previous week.

BitMine chairman Lee, who is also the head of research firm Fundstrat, said the firm saw the dip in ETH prices as a buying opportunity. “We acquired 34% more ETH than last week,” Lee pointed out.

BMNR shares traded over 5% higher at around $42.40 shortly after the market opened on Monday, while ETH rallied to $3,600, up 6% from Friday.

The firm’s steady accumulation is notable as digital asset treasuries have struggled to raise fresh funds for purchases as DAT stock prices tumbled. Many firms stopped buying assets, pivoted to share buybacks or even selling some of their crypto as their stock price fell below the net asset value (NAV) of their underlying crypto holdings.

BitMine, whose stock also fell over 30% from early October, added around 675,000 ETH to its balance sheet, worth over $2.4 billion at current prices. The firm holds the second largest crypto treasury with $13.2 billion overall holdings, trailing Michael Saylor’s Strategy.

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