Publicly traded Ethereum treasury BitMine Immersion Technologies purchased an additional $103 million in Ethereum last week, increasing its holdings to 4.47 million ETH or 3.71% of the circulating supply. Despite paper losses approaching $7.7 billion, chairman Tom Lee called the price drop attractive due to strengthening fundamentals. The company’s shares rose more than 8% on Monday alongside a broader cryptocurrency rebound, though both have seen declines exceeding 50% over the past six months.
BitMine Immersion Technologies added 50,928 ETH worth $103 million to its balance sheet last week as Ethereum’s price continued to slide. The firm now holds 4.47 million ETH, valued at $9 billion, which represents 3.71% of the entire circulating supply.
According to analytics firm DropsTab, the company’s unrealized losses sit near $7.7 billion. Tom Lee, the firm’s chairman, stated “BitMine has been buying Ethereum, as we view this pullback as attractive, given the strengthening fundamentals.”
Lee added “In our view, the price of ETH is not reflective of the high utility of ETH and its role as the future of finance.” The company is staking more than 3 million ETH, which it estimates will generate roughly $172 million in annual revenue at current rates.
When fully staked using its upcoming Made in America Validator Network, BitMine projects annual staking revenue will jump to $253 million. The firm is currently utilizing three separate staking providers to earn yield on its holdings.
Shares in BitMine have fallen 51% over the past six months as Ethereum declined 59% from its August all-time high. However, shares gained 8.4% on Monday to $20.61 while Ethereum posted a 1.1% increase over 24 hours.
