Bitmine Immersion Technologies buys $154 million in Ethereum as oil-driven selloff pushes ETH below key support levels.
Bitmine Immersion Technologies purchased $154 million worth of Ethereum over the past week, acquiring 71,672 ETH as prices dipped below $2,200. The move follows a sharp decline in crypto markets linked to rising crude oil prices, which the company cited as the primary pressure on ETH.
The latest purchase marks a significant increase from the previous week’s 26,000 ETH buy and lifts Bitmine’s total holdings to 5.28 million ETH, or 4.37% of the circulating supply. The firm aims to own 5% of Ethereum’s supply, a target reiterated by Chairman Tom Lee amid the recent pullback.
BMNR stock has fallen 39% year-to-date, trading at $18.95 per share. The company remains one of the few crypto treasury firms actively accumulating ETH during the downturn.