Bitmine Immersion (BMNR), the largest Ethereum (ETH) treasury company, stepped up its buying pace last week, purchasing 42,197 ether (ETH) worth about $74 million. Chairman Thomas Lee attributed the recent performance of ETH to improving prospects for U.S. crypto legislation.
The latest purchase, valued at roughly $74 million based on ether's current price of around $1,750, lifted the company's holdings to 5.74 million ETH, worth about $10 billion. This stash now represents 4.8% of Ethereum's circulating supply, inching closer to the firm's goal of cornering 5% of the asset's supply.
Bitmine also holds 206 bitcoin, $527 million in cash and marketable securities, plus stakes in Beast Industries and Eightco Holdings, bringing its total crypto, cash, and investment holdings to $11.1 billion.
Bitmine buys as Strategy sells
Bitmine's continued buying contrasts with a shift at Strategy (MSTR), which sold about $216 million worth of BTC to raise cash. This sale marked a rare reduction in Strategy's bitcoin holdings.
Lee noted that investor sentiment has improved regarding the passage of the Clarity Act, which could benefit the crypto market.
