BitMine Immersion Technologies (BMNR), an Ethereum-focused treasury firm under the leadership of Fundstrat’s Thomas Lee, made a significant acquisition last week by purchasing 82,353 ether (ETH) valued at approximately $306 million as of early Monday. This strategic move increased the company’s total ether holdings to an impressive 3.4 million tokens.
Despite this acquisition, BMNR experienced a decline of 5.7% in early trading on Monday, coinciding with a broader drop in cryptocurrency prices. Specifically, the price of ETH decreased by 3.5% over the last 24 hours, settling at $3,715.
In addition to its cryptocurrency purchases, BMNR reported an increase in its liquid assets, raising its cash holdings from $305 million to $389 million in just one week. The combined value of the company’s cryptocurrency, cash, and equity stakes now stands at around $13.7 billion. This portfolio includes a $62 million investment in Eightco Holdings and ownership of 192 bitcoins.
The latest acquisition elevates BitMine’s share of the total ETH supply to 2.8%, valued at approximately $13.3 billion at current prices. Lee expressed optimism about the company’s long-term strategy, stating, “We’re now more than halfway to our goal” of amassing 5% of the total ether supply.
This acquisition comes amidst challenging market conditions, where various digital asset treasuries have struggled due to declining share prices, leading some companies, such as ETHZilla and Brazil’s OranjeBTC, to shift strategies towards share buybacks in response to falling stock prices. BitMine’s proactive approach highlights its ambition and commitment to accumulating cryptocurrencies despite the present market volatility.