BitMine Immersion Technologies, trading as BMNR on the NYSE, purchased 42,197 ETH over the past week. The acquisition, valued at approximately $73 million, was detailed in the company's holdings update posted Monday. The purchase brought BitMine's total Ethereum holdings to 5,742,237 ETH.
That figure represents about 4.8 percent of Ethereum's circulating supply. BitMine has publicly said it is targeting 5 percent of total ETH supply as the benchmark for its treasury strategy.
Tom Lee, chairman of Fundstrat and BitMine Immersion Technologies, defended the company's funding model in June. He has also framed crypto assets as a wartime store of value.
BitMine's total crypto and other holdings stand at $11.1 billion. That includes its ETH position, which the company valued at $1,800 per coin in its update, and 206 BTC. The balance sheet also lists $527 million in cash and marketable securities.
Beyond crypto, the company holds a $180 million stake in Beast Industries and a $71 million stake in Eightco Holdings, which trades under ORBS on Nasdaq.
BitMine did not add to its staked Ethereum position last week. Staked ETH remained at 4,879,157, unchanged from the prior week's disclosure.
Ethereum currently trades at $1,871, down 0.4 percent over the past 24 hours. Bitcoin trades at $63,882.
The company's own post did not separately break out the weekly purchase amount from its cumulative total; independent market trackers monitoring BitMine's disclosures reported the $73 million figure and the 4.8 percent of supply calculation.
BitMine's June defense of its funding model followed an insider warning of a cash gap.
