Bitmine Immersion Technologies (BMNR) announced on Monday that it purchased 65,341 Ether ($ETH) Last week saw a recent surge in purchases expand even as the company continued to lean into the market downturn.
Latest acquisition, now worth approximately $138 million $ETH Due to the price increase, the company’s total token holdings exceeded 4.66 million tokens, accounting for 3.86% of the tokens. $ETHAccording to Monday’s update, the circulating supply of.
Bitmine has now increased its buying pace for three consecutive weeks, up from its previous weekly average of around 50,000 tokens. Meanwhile, the company also increased its cash holdings to $1.1 billion.
Chairman Thomas “Tom” Lee said the increased pace of purchases reflects the company’s view that the crypto market is nearing the end of its prolonged downturn.
“Our basic case is $ETH He said in a statement that we are currently in the final stages of a “mini-crypto winter.”
The company still has an estimated $7 billion in unrealized losses on Ether purchases as crypto prices have fallen over the past few months, according to DropsTab data.
