BitMine (BMNR) Bought Nearly 70K ETH

BitMine Immersion Technology (BMNR), the largest Ethereum treasury company, continued increasing its ether ETH$2,805.43 holdings to now holding 3% of the second-largest cryptocurrency supply despite increasing headwinds for digital asset treasury firms amid plunging crypto prices.

The firm chaired by well-known investor Tom Lee reported Monday that it acquired 69,822 tokens over the past week, worth around $195 million at current prices, bringing its holdings to 3.63 million tokens.

The purchase comes alongside a jump in BitMine’s unencumbered cash holdings, which rose to $800 million, up $193 million from the previous week. In total, the firm now holds $11.2 billion in combined crypto, cash and other investments. That includes a small stake in Eightco Holdings (ORBS) and 192 bitcoin BTC$86,114.81.

The firm’s shares were up 4.3% pre-market alongside ETH and crypto prices rebounding from last week’s lows. Still, BMNR declined 23% last week and is down over 80% from its peak in July.

Digital asset treasuries, or DATs, are facing pressure as many firms’ stock price have fallen below the net asset value of the underlying holdings. Most DATs have stopped increasing their assets over the past weeks, while some of them have already started selling a part of their holdings to buy back shares.

BitMine remained one of the companies that kept increasing their crypto stash. However, the firm is deeply in the red on its crypto bet, sitting on roughly $4 billion unrealized losses as ether plunged nearly 40% from its August peak amid the ongoing crypto correction.

Read more: BitMine Immersion Sitting on $4B Loss on Ether Bet as Analyst Warns of Structural issues