Bitmine Immersion Technologies (NYSE: $BMNR) continued to purchase Ethereum (CRYPTO: $ETH) over the past week as the digital asset’s price staged a tentative recovery.
Bitmine, which is the largest Ethereum treasury company, increased its buying over the past week, purchasing 42,197 ETH worth $74 million U.S.
The company, led by Chairman Tom Lee, now owns 5.74 million Ethereum, close to its stated goal of controlling 5% of ETH’s circulating supply.
Lee said on social media that he remains optimistic that U.S. cryptocurrency legislation making its way through Congress will act as a catalyst for Ethereum and other digital assets.
Bitmine’s Ethereum holdings are now worth $10 billion U.S. and represents 4.8% of Ethereum’s circulating supply.
The latest ETH acquisition is an increase from the previous week’s purchase of 27,084 Ethereum.
Bitmine’s latest purchase comes as Strategy (NASDAQ: $MSTR), the largest Bitcoin (CRYPTO: $BTC) treasury company, stepped up its BTC sales.
Strategy sold $216 million U.S. worth of Bitcoin over the past week to fund help dividend payments on its preferred stock (NASDAQ: $STRC) and replenish its U.S. dollar reserves.
Strategy recently changed its governance structure to allow it to sell more Bitcoin to fund its operations and dividend payments.
BMNR stock has fallen 87% in the last 12 months to trade at $14.36 U.S. per share.
Ethereum is currently trading at $1,735 U.S. having recovered from below $1,500 U.S. in June of this year.
