As the price of cryptocurrency declined, BitMine Immersion Technologies, a digital asset treasury company listed on the Nasdaq and run by Tom Lee, kept accumulating coins. The firm accumulated more than 150,000 ETH during the previous week, as stated in a press release on Tuesday.
The purchase brought the company’s total holdings to 1,866,974 tokens, valued at approximately $8.1 billion at current prices, along with around $635 million in cash available for additional acquisitions, the firm stated. As ETH retreated from record highs, BMNR started the day marginally down at $43, still 35% behind its mid-August peak. BitMine, having shifted to an ETH strategy in June, seeks to capture 5% of the supply of the second-largest cryptocurrency and create yield through staking the tokens.
The firm is now recognized as the largest publicly listed ETH treasury firm, only surpassed by the bitcoin-focused Strategy’s $71 billion BTC holdings among all treasury firms in the crypto space.