BitMine Immersion Technologies acquired 127,000 ETH over the past week. The company spent approximately $214 million on the acquisition. It capitalized on a market dip at an average price of $1,685 per token.
This purchase increases the total corporate treasury to 5.54 million ETH. The total holdings are valued at roughly $9.3 billion. BitMine now controls approximately 4.6% of the total Ethereum circulating supply.
Chairman Tom Lee described the broader crypto market selloff as superficial. Leadership views the current climate as a buying opportunity rather than a shift in treasury strategy.
The move follows a recent filing for a $300 million perpetual preferred stock offering. BMNR common stock has fallen nearly 50% from recent highs. Share prices have reportedly started to stabilize.