BitMine Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury company led by Fundstrat’s Thomas Lee, extended its ether buying streak purchasing over 200,000 tokens, roughly $800 million, through last week.
After the latest purchase, the company held $13.4 billion in combined crypto, equity and cash assets as of Sunday evening, it said in a press release. That includes over $219 million in unencumbered cash, 192 bitcoin and a $119 million equity stake in Eightco Holdings (ORBS). The ETH portion accounted for the majority of BitMine’s holdings, now standing at 3.24 million tokens, worth a bit over $13 billion at current prices. That’s about 2.7% of the total ETH supply, with the firm’s ambition to reach 5%.
Bitmine’s stock gained 8% as crypto prices modestly bounced over the weekend.
The latest purchase means that the firm bought roughly $1.6 billion in ETH over the past two weeks as crypto prices tumbled, culminating in a dramatic crash on October 10. The company saw the correction a buying opportunity as the “price dislocation represents an attractive risk/reward,” chairman Thomas Lee said.
Lee also said last week that the “bubble” of digital asset treasury firms might have already burst with many recently launched companies trading below the net asset value of their holdings. BMNR is still holding on to a slight premium to its holdings, Blockworks data shows.