What to know : Bitmine (BMNR) bought 65,341 ETH last week worth about $138 million at current prices as the firm doubled down on its crypto purchase strategy. The firm now holds more than 4.66 million tokens, while it also increased its cash reserves to $1.1 billion. Chairman Thomas Lee said ETH is in the final stages of a "mini-crypto winter" and that the broader crypto slump is nearing an end.
Bitmine Immersion Technologies (BMNR) said Monday it bought 65,341 ether (ETH) last week, extending a recent surge in purchases as the firm continues to lean into the market downturn.
The latest acquisition, worth roughly $138 million at current ETH prices, lifted the firm's total holdings above 4.66 million tokens, cornering 3.86% of ETH's circulating supply, according to a Monday update.
Bitmine has now increased its pace of buying for three consecutive weeks, stepping up from a prior average of around 50,000 tokens per week. Meanwhile, the firm also increased its cash holdings to $1.1 billion.
Chairman Thomas "Tom" Lee said the increase in buying pace reflects the firm’s view that crypto markets are nearing the end of a prolonged slump.
"Our base case is ETH is in the final stages of the 'mini-crypto winter,' he said in a statement.
The firm is still sitting on an estimated $7 billion unrealized loss on its ether purchases, DropsTab data shows, as crypto prices tumbled over the past months.
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