BitMine (BMNR) Adds 82,353 ETH

BitMine Immersion Technologies (BMNR), the Ethereum-centric treasury firm led by Fundstrat’s Thomas Lee, bought 82,353 ether. ETH$3,722.54 to last week, worth about $306 million at Monday’s early prices, raising its total stake to 3.4 million tokens, the company. reported on Monday

BMNR is lower by 5.7% in early Monday trading alongside a considerable weekend and Monday fall in crypto prices, with ETH lower by 3.5% in the last 24 hours at $3,715.

The company said it also increased its unrestricted cash holdings to $389 million, from $305 million a. week ago. The combined value of BitMine’s crypto, cash and equity stakes now is $13.7 billion, according to the press release, including a $62 million position in Eightco Holdings and a total of 192 bitcoins.

The move brings BitMine’s share of the ETH supply to 2.8%, worth about $13.3 billion at current prices as part of a long-term strategy to acquire 5% of the token’s supply.

“We are now more than halfway to our goal,” Lee said in a statement.

The acquisition comes as many digital asset treasurers have seen their stock prices plummet in recent months, struggling to raise cash and pursue their mandate to hoard cryptocurrencies. Some entities, such as ETH Zilla and Brazil’s OrangeBTCpivoted to buy back shares as their stock price fell below the net asset value of their underlying holdings.