Although the past week has seen crypto investors largely exiting the market amid fears sparked by the recent market volatility, BitMine Immersion Technologies (BMNR), a publicly traded Ethereum-focused company chaired by Tom Lee, has seen another opportunity to buy more Ethereum at lower prices.
On Monday, Feb. 9, data from blockchain monitoring platform Lookonchain shows that Tom Lee’s BitMine has once again doubled down on its regular Ethereum purchase despite weak market conditions.
BitMine’s ETH Treasury hits $8.82 billion
The move, which happened while Ethereum was showing notable price declines, saw the firm purchase a total of 40,613 ETH worth about $82.85 million over the last week.
Considering the timing of the purchase, as many have speculated that the move goes beyond short-term trading activity; rather, it is one of BitMine’s long-term Ethereum accumulations.
While Ethereum had plunged massively during the previous week, retesting its multiyear low while falling below the $2000 mark, BitMine’s recent purchase shows that the firm had bought the asset’s dip when it was trading around $2,039.
BitMine’s ETH portfolio down by over $7.8 billion
While the recent crypto market pullback has seen large crypto treasuries like BitMine, Strategy and others record massive losses in their crypto treasuries, the BitMine ETH treasury saw its position fall massively.
Following the massive Ethereum price crash, the recent purchase made by BitMine has failed to offset its losses as the data shows that the firm is sitting on a paper loss of $7.8 billion at Ethereum’s current trading price, which stands at $2,034 as of writing time, with a decrease of 3.91% over the past day.
Tomiwabold Olajide
Caroline Amosun
Godfrey Benjamin