Bitmine adds 40,613 ETH during crash, now holds over 4.3M tokens

Bitmine Immersion Technologies added 40,613 ether last week amid a crypto price crash, bringing its holdings to more than 4.3 million tokens worth about $8.7 billion at the current price just above $2,000. Led by Chairman Tom Lee, the company is the world’s largest holder of ETH.

ETH began the week above $2,300 and plunged to as low as $1,700 before closing out the week just above $2,000. BMNR shares are flat in early trading on Monday, though lower by 34% year-to-date. The firm purchased another 40,613 tokens over the past week, though it didn't disclose the average buy price.

“Bitmine has been steadily buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals,” said Lee in a press release. “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.” About two-thirds of the firm’s ETH, around 2.9 million tokens, are already staked, generating an annualized yield of $202 million.

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