Bitmine Immersion Technologies (BMNR) added to its ether holdings amid last week’s crypto crash, bringing its stack to more than 4.3 million tokens worth about $8.7 billion at the current price just above $2,000.
Led by Chairman Tom Lee, the company, which is the world’s largest holder of ETH, purchased another 40,613 tokens over the past week, though it didn’t disclose the average buy price. ETH began the week above $2,300 and plunged to as low as $1,700 before closing out the week just above $2,000.
BMNR shares are flat in early trading on Monday, though lower by 34% year-to-date.
“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” said Lee in a press release. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.”
Two-thirds of the firm’s ETH, around 2.9 million tokens, are already staked, generating an annualized yield of $202 million.
Bitmine remains deeply underwater on its ETH purchases. Based on data from Dropstab, the company sits on a $7.8 billion loss on its ether holdings, which it bought at an average price of $3,826.