BitMine Immersion Added Nearly 70K Ether Last Week, Now Holding 3% of ETH Supply

Company Overview - BitMine Immersion Technology (BMNR) is the largest Ethereum treasury company, now holding 3% of the total Ethereum supply despite challenges in the digital asset market [1] - The firm has increased its ether holdings by acquiring 69,822 tokens worth approximately $195 million, bringing total holdings to 3.63 million tokens [1] Financial Performance - BitMine's unencumbered cash holdings rose to $800 million, an increase of $193 million from the previous week [2] - The total value of the firm's combined crypto, cash, and other investments is now $11.2 billion, which includes a small stake in Eightco Holdings and 192 bitcoin [2] - Despite a 4.3% increase in shares pre-market, BMNR's stock declined 23% last week and is down over 80% from its peak in July [2] Industry Context - Digital asset treasuries (DATs) are under pressure, with many firms' stock prices falling below the net asset value of their holdings [3] - Most DATs have halted asset accumulation in recent weeks, with some beginning to sell portions of their holdings to repurchase shares [3] Investment Risks - BitMine is facing significant unrealized losses of approximately $4 billion due to a nearly 40% decline in ether prices since August [4] - The ongoing crypto correction has raised concerns about structural issues within the industry [4]