BitMine buys $300 million in ether, crossing 4 million ETH treasury milestone

BitMine Immersion Technologies (BMNR), the ether treasury firm helmed by Fundstrat’s Thomas Lee, crossed the 4 million ether ETH$3,030.21 milestone after acquiring 98,852 tokens last week, according to its Monday update.

The purchase, valued at roughly $300 million at Monday prices, brings BitMine’s total ETH holdings to 4,066,062 tokens, or 3.37% of the current ETH supply.

The firm also kept $1 billion in cash, unchanged over the week despite the purchases. Its ETH treasury alone is worth just over $12 billion, making it the largest known ETH reserve among publicly traded companies

While many digital asset treasuries stopped buying or begun selling assets as crypto prices retreated from their highs in recent months, BitMine continued accumulating at a steady pace.

Last week’s purchases occurred as crypto markets slid, with ETH dropping from an early Monday peak of $3,170 to below $2,800 by Thursday. Since then, the second-largest cryptocurrency has rebounded above $3,000, bringing BMNR shares up 4.5% in pre-market trading after Friday’s 10% bounce.

Last week’s addition was slightly down from the prior week’s 138,000 ETH purchase, but keeps the firm on track with its goal to own 5% of ether’s supply. Still, BitMine is estimated to be sitting on over $3 billion in unrealized losses on its stash as prices plunged over the past months, data on DropsTab shows.

Read more: Tom Lee responds to controversy surrounding Fundstrat’s differing bitcoin outlooks