The firm added 71,672 ETH last week, increasing its total holdings to 5.28 million ETH worth $11.1 billion.
BitMine Immersion Technologies purchased $151 million worth of Ethereum last week, acquiring 71,672 ETH as the cryptocurrency’s price fell 9% to below $2,200. The move follows a prior week’s addition of $62 million, bringing its total holdings to nearly 5.28 million ETH, valued at $11.1 billion.
Ethereum’s price declined to $2,108 on Monday, extending losses after a 9% drop over the past week. BitMine had previously signaled a slowdown in purchases but reversed course, citing the pullback as an attractive entry point. Chairman Tom Lee stated the firm views the dip as an opportunity, aligning with his outlook for a broader crypto market recovery.
Shares of BitMine (BMNR) fell 5.4% since Monday’s open, underperforming ETH’s 3.5% decline in the last 24 hours. The firm’s accumulation contrasts with recent market weakness, reflecting confidence in Ethereum’s long-term prospects amid trends like tokenization and agentic commerce.