BitMine Immersion Technologies, a leading Ethereum treasury firm, has acquired 45,759 ether (ETH) valued at over $90 million. This significant purchase marks the company's largest weekly ETH acquisition in token terms for the year, despite a recent downturn in cryptocurrency prices.
The firm's total ETH holdings now exceed 4.37 million tokens, valued at approximately $8.7 billion. BitMine has also increased its cash reserves to $670 million, alongside its Bitcoin holdings and equity investments. The company's total assets are reported at $9.6 billion, with its share of Ethereum's total supply rising to 3.62%.
Chairman Tom Lee noted that investor sentiment in the crypto market remains subdued, drawing parallels to the lows experienced in 2018 and 2022. However, he highlighted a key difference: the absence of major collapses among large industry players. Lee pointed to ongoing developments in tokenization, AI integration, and proof-of-humanity infrastructure as fundamental growth drivers for Ethereum, asserting that the current ETH price does not reflect its utility and future financial role.