BitMine Continues to Buy ETH Despite Crypto Winter

BitMine Immersion Technologies, a leading Ethereum-focused treasury firm, has continued its weekly ETH purchase streak even as a sharp crypto sell-off deepened its unrealized losses and sent its stock to new lows. The company said in a Monday update that it bought 41,788 ETH last week, its largest weekly token haul so far this year, worth around $96 million at current prices.

The purchase lifted BitMine’s total ETH holdings to 4,285,125 tokens, or about 3.55% of Ethereum’s circulating supply, according to a company update released Monday. The firm also holds 193 bitcoin (BTC), $586 million in cash, a $200 million stake in Beast Industries and a $20 million stake in Eightco Holdings.

Ether fell to around $2,300 over the weekend, pulling the firm’s total crypto, cash and equity holdings down to $10.7 billion. In Monday morning U.S. trade, the price had recovered modestly to $2,360. BMNR shares were lower by 5%.

Chairman Thomas Lee said ether's price weakness contrasts with rising activity on the Ethereum blockchain, noting that daily transactions and active addresses recently hit record highs. He argued that lingering effects from October’s crypto crash and the recent surge in precious metals prices have weighed on the market, sucking out liquidity from the crypto economy.