Bitmine Immersion Technologies, chaired by Tom Lee, increased its Ethereum holdings during last week’s sharp market downturn, adding 40,613 ETH as prices dropped sharply. Presently, the company is holding about 4.3 million ETH worth over $8.7 billion.
Ether was above $2,300 at the start of the week before dropping to about $1,700. In the end, it levelled off at slightly over $2,000. Bitmine did not disclose the average price paid for the latest purchase. Its stock, BMNR, remains flat on Monday but is still down 34% so far this year.
Lee said the company sees the recent pullback as an opportunity, arguing that Ethereum’s price does not reflect its growing role in finance and on-chain activity. About two-thirds of Bitmine’s ETH, roughly 2.9 million tokens, are already staked, generating an annual yield of around $202 million.
Despite this, the firm is deeply underwater. Data from Dropstab shows Bitmine holds an unrealized loss of about $7.8 billion, with an average purchase price near $3,826 per ETH.
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