Bitcoin Immersion Technologies (BMNR), the Ethereum-focused digital asset treasury company led by Fundstrat’s Thomas Lee, expands its Ether More than 200,000 tokens, worth approximately $800 million, were purchased by Streak as of last week.
Following the latest purchases, the company had $13.4 billion in combined crypto, equity and cash assets as of Sunday evening, a press release said. This includes over $219 million in unencumbered cash, 192 Bitcoins and a $119 million equity stake in Atco Holdings (ORBS). The ETH portion accounts for the majority of Bitcoin’s holdings, which now stand at 3.24 million tokens, worth just over $13 billion at current prices. This is approximately 2.7% of the total ETH supply, with the company’s ambition to reach 5%.
Bitcoin stock rose 8% on the back of a modest surge in crypto prices over the weekend.
The latest purchases mean the company bought nearly $1.6 billion in ETH over the past two weeks as the crypto’s prices fell, culminating in a dramatic drop on October 10. The company saw the correction as a buying opportunity because “price dislocations represent an attractive risk/reward,” Chairman Thomas Lee said.
Lee also said last week that the “bubble” of digital asset treasury firms has already burst as many recently launched companies are trading below the net asset value of their holdings. Blockworks data shows that BMNR still commands a slight premium to its holdings.