Ethereum finance company Bitmine Immersion (BMNR) purchased approximately $154 million worth of Ether ($ETH) Last week, chairman Tom Lee blamed soaring oil prices for the second-largest cryptocurrency’s recent slump.
The company announced that it had purchased 71,672 units. $ETHa significant increase from the previous week’s harvest of 26,000 tokens. Its size is also notable, as Lee recently said the company would slow its growth. $ETH Purchased item.
“We can see a rebound in the recent economy.” $ETH Attractive opportunities down to $2,200 or less,” Lee said in a statement.
Mr Lee argued that oil was a major factor in the squeeze. $ETH price. ”$ETH “The inverse correlation with oil is at an all-time high,” he wrote in the X Post early Monday, adding that the rise in oil over the past six weeks has coincided with a fall in oil. $ETH price.
“Oil Reverse = $ETH Prices are recovering,” Lee said.
Bitmine, along with Michael Saylor Strategy (MSTR), remains one of the few major digital asset treasury firms still actively accumulating cryptocurrencies even during the market downturn.
With the latest acquisition, Bitmine’s holdings rose to approximately $5.28 million. $ETHAccording to the update, this corresponds to approximately 4.37% of Ethereum’s circulating supply. The company’s total crypto and cash holdings now stand at $12.6 billion, including 202 Bitcoin, $685 million in cash, and shares in Beast Industries and Eightco Holdings (ORBS).
