Bitmine Immersion Technologies (NYSE: $BMNR) bought another $92 million U.S. worth of Ethereum (CRYPTO: $ETH) over the past week.
The largest Ethereum treasury company continued to purchase ETH as the price slumped in recent days, falling below $1,700 U.S.
The latest Ethereum acquisition comes with Bitmine approaching its stated goal of owning 5% of the second-largest cryptocurrency’s circulating supply.
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Bitmine bought 52,203 Ethereum over the past week, extending a buying streak that has made it one of the few remaining large-scale purchasers of digital assets.
The latest Ethereum buys were executed at an average price of $1,760 U.S., and lifted Bitmine’s holdings to 5.67 million ETH worth just under $10 billion U.S. at current prices.
Bitmine now owns 4.7% of Ethereum’s circulating supply and company Chairman Tom Lee has warned that purchases could slow in coming weeks and months.
The firm’s cash on hand currently stands at $601 million U.S.
Ethereum is trading at $1,737.91 U.S. on June 22. BMNR stock has declined 49% this year to trade at $15.91 U.S. per share.
