Bitmine Immersion Technologies (BMNR) announced Monday that it acquired 65,341 ether (ETH) over the course of last week, marking the third consecutive week of accelerated accumulation as the company doubles down on its conviction amid broader market weakness.
The latest tranche, valued at approximately $138 million at prevailing ETH prices, pushed the firm's aggregate holdings past the 4.66 million token threshold — representing a commanding 3.86% of Ethereum's total circulating supply, according to a Monday disclosure.
Bitmine has now sustained an escalating cadence of purchases across three straight weeks, surpassing its earlier benchmark of roughly 50,000 tokens per week. Alongside its expanded token position, the company also bolstered its cash reserves to $1.1 billion, reinforcing its capacity for continued deployment.
Chairman Thomas "Tom" Lee indicated that the intensified acquisition pace is a direct expression of the firm's internal outlook on the current state of digital asset markets.
"Our base case is ETH is in the final stages of the 'mini-crypto winter,'" he said in a prepared statement, signaling management's belief that the current downturn may be approaching an inflection point.
Despite the strategic conviction underpinning these purchases, the firm continues to carry the weight of its positioning — sitting on an estimated $7 billion in unrealized losses on its ether holdings, according to DropsTab data, as digital asset valuations have faced sustained pressure over recent months.
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