Bitmine Immersion Technologies (NYSE:$BMNR) made its biggest Ethereum (CRYPTO:$ETH) purchase of the year as the cryptocurrency's price collapsed over the past week.
Bitmine, which is the largest Ethereum treasury company in the world, bought 126,971 ETH over the past week, worth $214 million U.S. at current prices.
That compares to 26,497 Ethereum tokens purchased the previous week.
The latest acquisition comes as the price of ETH dropped below the key support level of $2,000 U.S. and is now trading at $1,690 U.S.
Bitmine owns 5.54 million Ethereum worth $9.3 billion U.S. at current prices. The firm also has $247 million U.S. of cash on hand.
In recent weeks, the company, led by Chairman Tom Lee, had talked of slowing its ETH accumulations as it nears its goal of owning 5% of Ethereum's circulating supply.
Bitmine currently owns 4.59% of Ethereum's supply and is set to reach its 5% goal later this year.
"We increased our buying as we believe this pullback in ETH prices does not reflect the strengthening of Ethereum fundamentals," said Lee on social media.
Bitmine is now sitting on an estimated $9.6 billion U.S. of paper losses as ETH falls to its lowest level in more than a year and is down 65% from an all-time high reached last August.
BMNR stock has fallen 49% this year to trade at $15.90 U.S. per share.
