Bitmine Immersion Technologies purchased approximately $43 million in Ethereum and added the tokens to its balance sheet, maintaining its buying pace despite ETH falling 8% over the past week.
The firm now holds more than 5.7 million ETH valued at approximately $9 billion, along with roughly 206 Bitcoin worth $12.3 million. During the same period, Strategy, the leading Bitcoin treasury company, chose not to increase its BTC position amid current pressure on its fixed-income product STRC, which hit new lows.
Tom Lee, chairman of Bitmine, attributed market weakness to end-of-quarter “window dressing,” a common practice among investors who reduce exposure to assets with recent declines. Lee reaffirmed the company’s long-term outlook and highlighted key catalysts such as agent payments and institutional adoption of blockchain infrastructure.
ETH is currently trading around $1,567, 22% below its value from one month ago and 68% off its all-time high of $4,946. Shares of Bitmine (BMNR) have accumulated a decline exceeding 91% from their 52-week peak of $161, reached shortly after the company adopted its Ethereum treasury strategy last year.
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