Bitmine Immersion Technologies (BMNR) added 126,971 ether last week for roughly $207 million, pushing its total treasury to 5,543,872 ETH as the company accelerated purchases into a market selloff that pushed the cryptocurrency down roughly 30% from April highs.
The Monday announcement pegged holdings at 4.59% of ether's circulating supply of 120.7 million tokens, placing Bitmine 92% of the way to its "Alchemy of 5%" accumulation target with roughly 490,000 ETH still needed.
The week's buy marks a sharp increase over the prior week's 26,497 ETH addition, as reported by The Block at the time.
Bitmine Chairman Tom Lee attributed the stepped-up pace directly to Ethereum’s (ETH) price weakness. "We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," Lee said.
According to The Block’s price, ETH last changed hands below $1,700 amid a broad market downturn. The company's stock has tracked ether's slide. BMNR closed at $15.90 on June 7, down roughly 31% over the past month.
