coindesk.com
BitMine Immersion Technologies (BMNR), the public ether ($ETH) treasury company led by Fundstrat's Tom Lee, continued its buying spree acquiring over 190,500 tokens through last week, the firm reported on Monday.
That brought total $ETH holdings 1,713,899 tokens, worth roughly $7.9 billion at current $ETH prices. The firm also held $562 million in cash for further acquisitions.
The company said its crypto and cash holdings combined hit $8.8 billion as of late Sunday at a $4,800 $ETH price, up from the previous week's $6.6 billion. However, the overnight crypto market plunge brought the stash's value down as $ETH fell below $4,600 by U.S. morning hours.
BMNR stock was own 2.6% premarket, after rallying 12% on Friday.
The stock's high trading volume helped the company to raise funds and increase $ETH holdings at a fast pace, Lee said in a statement. BMNR booked a $2.8 billion average daily volume last week, ranking 20th among U.S. stocks trailing crypto exchange Coinbase (COIN).
BitMine earlier this month filed to raise $20 billion more through stock sales.
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