BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion
BitMine Immersion purchased $98 million in Ether last week, increasing its total holdings to 4.42 million ETH, despite overall losses exceeding $8 billion.Summary
BitMine Immersion Technologies (BMNR) acquired 51,162 ether (ETH), valued at approximately $98 million, during the previous week, bringing its total holdings to over 4.42 million ETH, representing 3.66% of the total supply as of February 22. The firm also holds 193 bitcoin and significant cash reserves, including a $200 million investment in Beast Industries. Despite generating $171 million in annualized revenue from staking over 3 million ETH, the falling price of ETH—down to $1,918—has caused the company's losses on its $16.4 billion in purchases to exceed $8 billion. Chairman Thomas Lee stated that the company remains focused on methodically executing its treasury strategy by steadily acquiring ETH and optimizing yield during this "mini crypto winter."
(Source：CoinDesk)