BitMine Immersion Added Nearly 70K Ether Last Week, Now Holding 3% of ETH Supply
BitMine Immersion increased its ETH holdings by nearly 70,000 tokens last week, now controlling 3% of the total supply despite significant unrealized losses.Summary
BitMine Immersion Technology (BMNR), the largest Ethereum treasury company chaired by Tom Lee, continued to increase its Ether holdings despite market headwinds and significant unrealized losses on its crypto bet. The firm acquired 69,822 ETH tokens last week, valued at approximately $195 million, bringing its total holdings to 3.63 million tokens, which represents 3% of the total ETH supply. This purchase coincided with a rise in BitMine's unencumbered cash reserves to $800 million. Although the firm's shares saw a pre-market increase, BMNR is down over 80% from its July peak, and the company is sitting on roughly $4 billion in unrealized losses as Ether prices have dropped significantly since August. Most other Digital Asset Treasury (DAT) firms have paused asset accumulation or started selling holdings to buy back shares, making BitMine's continued accumulation notable.
(Source：CoinDesk)