Bitmain Immersion (BMNR), the largest Ethereum (ETH) treasury company, increased its buying pace last week, purchasing 42,197 Ether (ETH), as Chairman Thomas Lee pointed to improving US crypto legislation prospects as a catalyst for the asset.
The latest purchase, worth approximately $74 million based on Ether’s current price of $1,750, has increased the company’s holdings to 5.74 million ETH, as of Monday’s update. These reserves are now worth approximately $10 billion and represent 4.8% of Ethereum’s circulating supply, which is close to the firm’s goal of achieving 5% of the asset’s supply.
The company also owned 206 Bitcoins, $527 million in cash and marketable securities, as well as stakes in Beast Industries and Atco Holdings, bringing its total crypto, cash and investment holdings to $11.1 billion.
This acquisition represents an increase from last week’s purchase of 27,084 ETH, although it remains below the six-figure weekly buying pace created by Bitmain earlier this year.
buy bitcoin on sell strategy
The continued purchases of Bitcoin contrast with the turnaround at the largest digital asset treasury and corporate Bitcoin Holder Strategy (MSTR), which sold approximately $216 million worth of BTC to raise cash. The sale marked a rare reduction in the strategy’s Bitcoin holdings and underlined the funding pressures facing the company amid the crypto market downturn and increased dividend obligations.