Bitmine Immersion Technologies prolonged its continuous Ether acquisition run to 65 straight weeks by purchasing 53,501 ETH over the prior week, as a wider digital asset market rebound boosted the worth of its growing cryptocurrency treasury in spite of substantial paper losses.
This most recent acquisition elevated Bitmine’s total reserves to upwards of 5.9 million ETH, estimated at approximately $14.8 billion calculated using an Ether valuation of $2,511 as of Sunday. The enterprise presently holds 4.9% of the entire 120.7 million circulating supply of Ethereum, bringing it extremely close to its publicly stated objective of securing 5%.
Tom Lee, the chairman of Bitmine, noted that Ether, Bitcoin (BTC), and Solana (SOL) have stood out as the top three performing primary assets since June 30, with ETH heading the upward movement.
“We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far,” Lee said.
As a result of this newest buy, Bitmine maintains around $5.1 billion in unrealized deficits on its Ether stash, according to information from DropsTab data. Those theoretical reductions demonstrate continuous accumulation throughout the bear market period, which kicked off during the final quarter of the prior year and drove Ether alongside the wider digital asset sector down significantly.
The corporation’s BMNR stock, traded on the NYSE, climbed 1.3% during Monday morning trading to reach $24.09 per share, setting it up to finish the monthly period with a gain of nearly 40%, based on statistics from Yahoo Finance.
Related: Bitmine extends 14-month ETH buying pace as Ether breaks above $2.5K
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