BitMine Immersion Technologies acquired 42,197 ETH over the past week, lifting its total holdings to 5,742,237 ETH, according to a holdings update posted Monday. The purchase cost approximately $73 million.
The stake now represents 4.8 percent of all ETH in existence. BitMine, which trades on the NYSE under the ticker BMNR, has positioned itself as an Ethereum treasury company. Tom Lee, the Fundstrat analyst and bull-market voice in crypto, chairs the company.
BitMine has been a consistent buyer of Ethereum. The latest acquisition follows a pattern of regular purchases that has accumulated the company's present holdings over months. At current valuations, the 5.7 million ETH position would be worth roughly $9.9 billion at $1,725 per token.
The company's strategy mirrors the playbook used by MicroStrategy and similar firms in the Bitcoin space, where firms hold substantial portions of a blockchain's native asset and report holdings updates to market participants. BitMine discloses its acquisitions publicly, allowing investors to track the company's conviction in Ethereum's long-term value.
No announcement was made regarding future purchase plans or a timeline for additional acquisitions.