Bitmine Immersion Technologies (BMMR), a NASDAQ-listed digital asset financing company led by Fundstrat Tom Lee, continued to accumulate tokens as crypto prices fell.
According to a press release on Tuesday, the company added over 150,000 ETHs up to last week. The company’s purchases bring the company’s total holdings to 1,866,974 tokens, worth around $8.1 billion at its current price, and generated approximately $635 million in cash for further acquisitions.
The BMNR was just $43 ahead of the market, remaining 35% lower than its mid-August peak, pulling ETH back from record prices.
Bitmine, which pivoted into the ETH strategy in June, aims to drive 5% of its second-largest cryptocurrency supply and generate yields by staking tokens. Currently, the company is ranked as the largest listed ETH financing company, tracking only $71 billion of BTC holdings for its Bitcoin-centric strategy among all cryptocurrency companies.
