Bitmine Immersion Technologies (BMNR), the largest financial company specializing in Ethereum, continued weekly Ether trading. $ETH$2,276.43 Despite unrealized losses expanding due to the sharp decline in virtual currencies and stock prices hitting a new low in seven months, they continued to make continuous purchases.
The company announced in an update on Monday that it had purchased 41,788 shares. $ETH Last week was the largest weekly token acquisition so far this year, worth approximately $96 million at current prices. This purchase increased the total amount of BitMine $ETH According to the company’s latest information released on Monday, holdings amount to 4,285,125 tokens, which is approximately 3.55% of Ethereum’s circulating supply. The company also holds 193 Bitcoins. BTC$77,528.46$586 million in cash, $200 million in Beast Industries stock, and $20 million in Aitco Holdings stock.
Ether fell to around $2,300 over the weekend, reducing the company’s total holdings in cryptocurrencies, cash, and stocks to $10.7 billion. Prices recovered modestly to $2,360 in Monday morning U.S. trading. BMNR stock falls 5%>
The company is estimated to have about $6 billion in unrealized losses on its positions as crypto prices plummeted last week.
Chairman Thomas Lee noted that Ethereum’s depressed price is in contrast to increased activity on the Ethereum blockchain, with daily transactions and active addresses recently hitting record highs.
“During the crypto winter of 2021-2022 or 2018-2019, Ethereum trading activity and active wallets decreased, which is the opposite of what we have seen over the past 12 months,” Lee said.
He argued that the lingering effects of October’s crypto crash and the recent surge in precious metal prices are weighing on the market and sucking liquidity from the crypto economy.
BitMine has also strengthened staking and increased the total amount of staking $ETH It has nearly two-thirds of its holdings, or nearly 2.9 million tokens, generating an estimated annual staking revenue of $188 million.
