Bitmine Immersion Technologies (BMNR), the largest Ethereum-focused financial firm, purchased 60,999 ether (ETH) last week, continuing to increase its holdings of the second-largest cryptocurrency by market capitalization.
In symbolic terms, the purchase is the company’s largest of the year, albeit only a slight increase from the previous week’s 60,976 ETH amount.
The latest purchase, worth nearly $140 million at current prices, increases Bitmine’s ETH holdings to 4,595,562 tokens, worth more than $10 billion, according to an update from the company on Monday.
The company still holds $1.2 billion in cash, although it last week increased its stake in Worldcoin (WLD)-focused financial firm Evenco (ORBS) alongside its ETH purchases.
Bitmine shares rose nearly 9% in pre-market trading as cryptocurrency prices rebounded over the weekend. ETH has gained 8.4% in the past 24 hours.
The firm has been steadily increasing its funding during the recent market downturn, despite unrealized losses on its positions estimated at around $6.5 billion, according to DropsTab data.
Chairman Thomas “Tom” Lee said recent geopolitical tensions have not had as much of an impact on cryptocurrency prices as other assets.
“Cryptocurrency prices have outperformed the S&P 500 by 2,450 basis points since the outbreak of the Iran war,” Lee said in a statement. “We believe rising oil prices are fueling concerns about slowing global economic growth. When investors worry about growth, they buy ‘growth stocks,’ including MAG7, software, and cryptocurrencies.”
Bitcoin mining farms continue to earn revenue by holding the majority of their Ethereum holdings. The company said it currently earns approximately $180 million in annualized revenue from staking 3.04 million ETH, with potential staking revenue reaching $272 million once its tokens are locked up again to earn revenue.
Read more: Ethereum Foundation sells 5,000 Ether to Tom Lee’s BitMine for $10.2M
