Hassan Maishera
TL;DR
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Thomas Lee’s BitMine has splashed another $300 million on Ether, bringing its total balance to over four million coins.
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Ether is trading below $3k, down 1% in the last 24 hours.
BitMine’s Ether Holdings Crosses 4 Million
BitMine Immersion Technologies (BMNR), the ether treasury firm helmed by Fundstrat's Thomas Lee, announced on Monday that it had purchased 98,852 tokens for roughly $300 million last week.
Thanks to this latest purchase, BitMine’s total ETH holdings now stand at 4,066,062 tokens, or 3.37% of the current ETH supply.
BitMine 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
The firm has continued to add more Ether tokens to its treasury despite the current bearish conditions of the market. Last week’s acquisition came as Bitcoin’s price declined from the high of $3,170 on Monday to $2,800 by Thursday. Ether has been trading around the $3k level since then.
The leading altcoin is currently trading at $2,993, down by 1% in the last 24 hours. The recent purchase was also lower than the 138,000 ETH the company acquired the previous week.
However, BitMine remains on track to achieve its goal of owning 5% of Ether’s total supply. Despite its continuous accumulation. BitMine is estimated to be sitting on over $3 billion in unrealized losses on its stash as Ether’s price has plunged below the high of $4,800 it achieved in August.
