BitMine Immersion Technologies (NYSE: $BMNR) has purchased another 65,341 Ethereum (CRYPTO: $ETH) as it bets that cryptocurrency prices are near a bottom.
BitMine, run by investor Tom Lee, has leaned heavily into the market downturn in digital assets and continued buying Ethereum as the price has slumped.
The latest acquisition by BitMine, worth $138 million U.S. lifted the company’s total holdings above 4.66 million ETH tokens, equivalent to 3.86% of Ethereum’s total supply.
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BitMine has increased its pace of Ethereum buying for three consecutive weeks. The company has a stated goal to acquire and stake 5% of the total Ethereum supply.
The accelerated pace of buying comes as Lee says that he believes the current “crypto winter” is close to coming to an end.
“ETH is in the final stages of the 'mini-crypto winter,” he recently posted on social media.
BitMine is currently sitting on an unrealized loss of $7 billion U.S. on Its Ethereum holdings. BMNR stock has declined 33% this year to trade at $20.94 U.S. per share.