Tom Lee's BitMine buys 51,162 ether amid falling crypto prices

BitMine Immersion Technologies (BMNR) purchased 51,162 ether (ETH) last week, roughly $98 million at current prices. The purchase raised the firm's holdings to over 4.42 million tokens as of February 22, about 3.66% of the token's total supply. It also holds 193 bitcoin, $691 million in cash and equity stakes, including a $200 million investment in Beast Industries and a smaller stake in Eightco Holdings.

The company is generating $171 million in annualized revenue by staking more than 3 million of its ETH holdings.

With the price of ETH down another 3% over the past 24 hours to $1,918, BMNR traded down 2% in pre-market activity and is roughly 60% lower over the past six months. Losses on its $16.4 billion in purchases now exceed $8 billion, per DropsTab.

"In the midst of this 'mini crypto winter,' our focus continues to be on methodically executing our treasury strategy and steadily acquiring ETH and in turn, optimizing the yield on our ETH holdings," BitMine chairman Thomas Lee said.

bitmine, tom lee, bmnr, ether, eth, staking, bitcoin, beast industries, dropstab, crypto winter