BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion
Tom Lee’s Ethereum-focused firm continues buying into the crypto market weakness, now 4.42 million ETH tokens, or about 3.66 percent of the total supply.
BitMine Immersion Technologies (BMNR) purchased 51,162 ether (ETH) last week, or roughly $98 million at current prices.
The latest purchase lifted the firm’s total holdings over 4.42 million tokens as of February 22, cornering 3.66% of the token’s total supply, the company said in its latest Monday update. It also holds 193 bitcoin, 691 million in cash, and equity stakes, including a $200 million investment in Beast Industries and a smaller investment in Eightco Holdings.
The company said it is generating $171 million in annualized revenue via staking over 3 million of its ETH holdings.
BMNR is down 2% in pre-market trading and lower by about 60% over the past six months.
With the price of ETH continuing to fall — down another 3% over the past 24 hours to $1,918 — the firm’s losses on its $16.4 billion in purchases now exceed $8 billion, according to DropsTab.
“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings,” BitMine chairman Thomas Lee said.
By Krisztian Sandor|Edited by Stephen Alpher
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