Bitmine Immersion Technologies (BMNR), an ether asset management company led by Fundstrat’s Thomas Lee, has surpassed 4 million ethers. According to an update on Monday, the company reached a milestone last week by acquiring 98,852 tokens.
The purchase is worth approximately $300 million at Monday’s price and brings BitMine’s total ETH holdings to 4,066,062 tokens, representing 3.37% of the current ETH supply.
The company also held $1 billion in cash despite the acquisition, an amount that remained unchanged throughout the week. Its ETH vault alone is worth just over $12 billion, making it the largest known ETH reserve of any publicly traded company.
While many digital asset vaults have stopped buying or started selling assets in recent months as crypto prices retreat from their all-time highs, BitMine continued to accumulate assets at a steady pace.
Last week’s purchases came as crypto markets declined, with ETH falling from a high of $3,170 early Monday to below $2,800 by Thursday. Since then, the second-largest cryptocurrency has rebounded above $3,000, with BMNR stock up 4.5% in pre-market trading after Friday’s 10% rebound.
Last week’s additions were slightly lower than the previous week’s 138,000 ETH purchase, but the company is on track to reach its goal of owning 5% of the Ether supply. Still, BitMine is estimated to have more than $3 billion in unrealized losses in its stash due to the steep price drop over the past few months, according to DropsTab data.
Read more: Tom Lee responds to controversy over Fundstrat’s different Bitcoin outlook
