BitMine Immersion Technologies maintained its aggressive Ethereum accumulation strategy last week, purchasing nearly $43 million in ETH even as crypto prices fell. The firm's total Ethereum holdings now exceed 5.7 million ETH, valued at approximately $9 billion.
The continued buying contrasts with Strategy, the leading Bitcoin treasury company, which did not add to its BTC holdings last week. Strategy is instead exploring a potential sale of up to $1.25 billion in Bitcoin to bolster its cash reserves.
BitMine Chairman Tom Lee acknowledged the challenging market, noting ETH fell 8% last week. He pointed to positive developments like the launch of Ethlabs, a new Ethereum research lab backed by BitMine and Sharplink, and a softening stance on stablecoins from the Bank of England.
"We remain focused on the longer-term horizon," Lee said, highlighting tailwinds from institutional adoption. Ethereum's price has declined 22% over the past month, trading around $1,567. BitMine's stock (BMNR) has followed suit, falling over 31% in the last month.
Strategy pioneered the crypto treasury model under Executive Chairman Michael Saylor in 2020. Its recent pause comes amid volatility in its preferred equity offering, STRC.