Bitmine adds 70,000 ETH in buying spree over the past week…holdings top 4.8 million ETH

Bitmine Immersion Technologies, an Ethereum (ETH) treasury-strategy firm, has expanded its holdings by continuing large-scale purchases.

According to The Block on the 6th (local time), Bitmine said that as of the 5th it had bought an additional 71,252 ETH over the past week. Total holdings increased to 4,803,000 ETH, worth about $10.3 billion at current prices.

The purchase extends a streak of large-scale accumulation that has continued for four consecutive weeks. Bitmine Chairman Tom Lee said he is keeping the pace of buying because he believes Ethereum has entered the final stage of a “mini crypto winter,” adding that this week’s purchase was the largest since last December.

Bitmine currently holds about 3.98% of Ethereum’s total supply and aims to raise that share to 5%.

Ethereum’s relative strength amid Middle East tensions was also highlighted. Lee said, “Since the war, Ethereum has risen about 6.8%, outperforming the S&P 500 by 11.3% points, and it also posted returns 18.4% points higher than gold,” adding that “it is serving as a store of value in a wartime environment.”

Bitmine also said it is staking about 3.33 million ETH (about $7.1 billion), which it described as the largest level globally. Meanwhile, Ethereum is trading at $2,137.52, up 4% from the previous day, according to CoinMarketCap.