Bitmine buys 71,000 ETH as digital asset treasuries dial back purchases

BitMine Immersion Technologies (BMNR) made its largest weekly purchase of either (ETH) this year, adding 71,179 ETH and extending a month-long ramp-up in buying even as crypto prices remain under pressure.

The purchase, worth roughly $143 million at current prices, lifted the company’s total holdings to over 4.73 million ETH, about 3.92% of the token’s supply, according to a Monday update. BitMine has now increased its buying pace for four straight weeks, stepping up from a prior average of 45,000 to 50,000 ETH.

The move stands out as most other large digital asset treasuries (DAT) halted crypto accumulation or even sold tokens during the crypto market downturn. Strategy (MSTR), the largest corporate bitcoin BTC$66,301.93 owner, was the only other major buyer in the recent months, and even the Michael Sayler-led company refrained, breaking a 13-week buying streak.

Bitmine Chairman Thomas “Tom” Lee said the firm continues to see the current market as the final phase of a downturn as rising oil prices and geopolitical tensions keep risk assets under pressure.

The company’s total crypto and cash holdings stood at $10.7 billion. In addition to its ETH treasury, BitMine held 197 bitcoin, and $961 million in cash and equity stakes, including $102 million in Eightco Holdings.