Bitmine Immersion (BMNR), the largest Ethereum ($ETH) treasury company, stepped up its buying pace last week, purchasing 42,197 ether ($ETH) as chairman Thomas Lee pointed to improving prospects for U.S. crypto legislation as a catalyst for the asset.
The latest purchase, worth roughly $74 million based on ether’s current price of around $1,750, lifted the company’s holdings to 5.74 million $ETH, according to a Monday update. The stash is now worth about $10 billion and represents 4.8% of Ethereum’s circulating supply, inching closer to the firm’s goal of cornering 5% of the asset’s supply.
The company also held 206 bitcoin, $527 million in cash and marketable securities, plus stakes in Beast Industries and Eightco Holdings, bringing its total crypto, cash and investment holdings to $11.1 billion.
The acquisition marks an increase from the prior week’s purchase of 27,084 $ETH, though it remains below the six-figure weekly buying pace BitMine maintained earlier this year.
Bitmine buys as Strategy sells
Bitmine’s continued buying contrasts with a shift at Strategy (MSTR), the largest digital asset treasury and corporate bitcoin holder, which sold about $216 million worth of $BTC to raise cash. The sale marked a rare reduction in Strategy’s bitcoin holdings and underscored the funding pressures the company faces amid the crypto market downturn and increased dividend obligations.
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