BitMine Immersion Technology (BMNR), Ethereum’s largest financial company, continued to increase its Ethereum holdings. Ethereum$2,841.15 It currently holds 3% of the second-largest cryptocurrency supply, even as the plunging crypto prices have created headwinds for the digital asset treasury firm.
The company, which is chaired by prominent investor Tom Lee, reported on Monday that it had acquired 69,822 tokens (worth about $195 million at current prices) over the past week, bringing its holdings to 3.63 million.
The acquisition comes alongside a surge in BitMine’s unencumbered cash holdings, which increased by $193 million from the previous week to $800 million. The company currently holds $11.2 billion in cryptocurrencies, cash, and other investments. This includes a small stake in Eightco Holdings (ORBS) and 192 Bitcoins BTC$85,565.12.
The company’s stock rose 4.3% pre-market as ETH and crypto prices rebounded from last week’s lows. Still, BMNR fell 23% last week and is down more than 80% from its July peak.
Digital asset vaults (DATs) are facing pressure as many companies’ stock prices are below the net asset value of their underlying assets. Although most DATs have stopped increasing their assets in the past few weeks, some have already started selling some of their holdings for share buybacks.
BitMine was still one of the companies that continued to increase its crypto assets. However, the company has been in the red on its investments in cryptocurrencies, with unrealized losses of approximately $4 billion as Ether has fallen nearly 40% from its August high amid the ongoing crypto correction.
Read more: Analyst warns of structural issues, Bitmine preoccupation leaves $4 billion loss on Ether bet
