Bitmine Immersion Technologies (BMNR), the largest financial company specializing in Ether, purchased 60,999 Ether ($ETH) has continued to increase its holdings in the second-largest cryptocurrency by market capitalization over the past week.
On the surface, it was only a slight increase from the previous week’s 60,976 purchases, but it was the company’s largest purchase of the year. $ETH carry.
The latest acquisition, worth about $140 million at current prices, has boosted Bitmine’s stock price. $ETH According to Monday’s update from the company, it now holds 4,595,562 tokens worth more than $10 billion.
The company maintained its cash holdings of $1.2 billion despite last week increasing its stake in WorldCoin specialist (WLD) finance company Eightco (ORBS) alongside its own stake. $ETH purchase.
Bitmine stock rose nearly 9% premarket as crypto prices rebounded over the weekend. $ETH Up 8.4% in the last 24 hours.
The company has been steadily increasing its treasury throughout the recent market downturn, despite unrealized losses on its positions estimated at around $6.5 billion, according to DropsTab data.
Chairman Thomas “Tom” Lee said recent geopolitical tensions have not affected crypto prices as much as other assets.
“Cryptocurrency prices have outperformed since the start of the Iran war, with Ethereum outperforming the S&P 500 by 2,450 basis points,” Lee said in a statement. “In our view, high oil prices are raising concerns about slowing global growth, and when investors worry about growth, they buy ‘growth stocks’ such as MAG7, software, and cryptocurrencies.”
Bitmine continues to generate income by staking the majority of its Ether holdings. The company announced that it currently generates approximately $180 million in annual revenue from staking 3.04 million shares. $ETHas more tokens are locked for yield, the potential staking revenue reaches $272 million.
Read more: Ethereum Foundation sells 5,000 Ether to Tom Lee’s Bitmine in $10.2 million deal
