BitMine Expands Ether Holdings As Market Losses Cross $8B

BitMine Immersion Technologies bought 51,162 ether last week for roughly $98 million at current prices.

The latest purchase raised the firm’s total holdings to over 4.42 million tokens as of February 22, securing 3.66% of the token’s total supply, the company said in its latest update on Monday.

It also holds 193 bitcoins, 691 million in cash and equity stakes, including a $200 million investment in Beast Industries and a smaller investment in Eightco Holdings.

The company said it is generating almost $171 million annually in revenue by staking over 3 million of its holdings of ETH.

The company is down 2% in pre-market trading and lower by about 60% over the past six months.

The price of ETH has continued to fall. It was down 3% more over the previous 24 hours to $1,918. The firm’s losses on its total purchases of $16.4 billion now exceed $8 billion, according to DropsTab.

“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings,” BitMine chairman Thomas Lee said.

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