BitMine Immersion Technologies (BMNR) made its largest weekly purchase of either (ETH) this year, adding 71,179 ETH and extending a month-long ramp-up in buying even as crypto prices remain under pressure.
The purchase, worth roughly $143 million at current prices, lifted the company’s total holdings to over 4.73 million ETH, about 3.92% of the token’s supply, according to a Monday update. BitMine has now increased its buying pace for four straight weeks, stepping up from a prior average of 45,000 to 50,000 ETH.
Bitmine Chairman Thomas “Tom” Lee said the firm continues to see the current market as the final phase of a downturn as rising oil prices and geopolitical tensions keep risk assets under pressure.
The company’s total crypto and cash holdings stood at $10.7 billion. In addition to its ETH treasury, BitMine held 197 bitcoin, and $961 million in cash and equity stakes, including $102 million in Eightco Holdings.
Source: X.com
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