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BitMine Immersion Added Nearly 70K Ether Last Week, Now Holding 3% of ETH Supply
Source: CryptoNewsNet Original Title: BitMine Immersion Added Nearly 70K Ether Last Week, Now Holding 3% of ETH Supply Original Link: BitMine Immersion Technology (BMNR), the largest Ethereum treasury company, continued increasing its ether holdings to now holding 3% of the second-largest cryptocurrency supply despite increasing headwinds for digital asset treasury firms amid plunging crypto prices.
The firm chaired by well-known investor Tom Lee reported Monday that it acquired 69,822 tokens over the past week, worth around $195 million at current prices, bringing its holdings to 3.63 million tokens.
The purchase comes alongside a jump in BitMine’s unencumbered cash holdings, which rose to $800 million, up $193 million from the previous week. In total, the firm now holds $11.2 billion in combined crypto, cash and other investments. That includes a small stake in Eightco Holdings (ORBS) and 192 bitcoin.