BitMine Immersion Technologies, a publicly traded entity specializing in Ethereum treasury management, executed the largest weekly purchase of ETH since December, acquiring 71,524 ETH valued at approximately $157 million. This acquisition brings their total holdings to 4,874,858 ETH, valued over $10.7 billion, as Ethereum traded at about $2,208 on Monday. BitMine holds the most significant stockpile of the cryptocurrency.
“We have sustained an increased rate of ETH purchases for four consecutive weeks. Our base case scenario suggests that Ethereum is nearing the end of a ‘mini-crypto winter,'” stated Tom Lee, chairman of BitMine, in a release.
Over recent weeks, Lee’s firm has consistently added around $150 million worth of ETH each week, bringing its total holdings to over 4% of all circulating Ethereum. This positions it more than 80% towards achieving its target of holding 5% of Ethereum’s circulating tokens—a milestone the company refers to as the “alchemy of 5%.”
Out of its vast Ethereum reserves, BitMine is currently staking 3,334,637 ETH, valued at approximately $7.3 billion. Last month, the firm launched the Made in America Validator Network (MAVAN), a proprietary staking network aimed at offering institutional-grade infrastructure for ETH staking to both itself and other firms seeking ETH rewards.
Upon fully staking its Ethereum holdings—to supply and lock up ETH for network security—BitMine anticipates earning over $300 million annually from ETH rewards, according to Lee.
On Monday, shares in the firm (BMNR) rose by 1.7%, trading at around $21.64 recently. The company experienced an uplisting last week to the NYSE from the smaller NYSE American exchange.
Following this uplisting, BitMine authorized a 300% increase to its share buyback program, now totaling $4 billion for repurchasing BMNR shares. Last July, the firm approved a $1 billion program; however, it remains unclear if any funds have been utilized for share repurchases so far.
In the past six months, BitMine’s shares have declined by approximately 63%, while Ethereum has decreased over 55% from its August peak of $4,946.