BitMine Immersion added $98 million of ether last week as losses balloon to more than $8 billion

BitMine Immersion Technologies (BMNR) purchased 51,162 ether ($ETH) last week, or roughly $98 million at current prices.

The latest purchase lifted the firm’s total holdings over 4.42 million tokens as of February 22, cornering 3.66% of the token’s total supply, the company said in its latest Monday update. It also holds 193 bitcoin, 691 million in cash, and equity stakes, including a $200 million investment in Beast Industries and a smaller investment in Eightco Holdings.

The company said it is generating $171 million in annualized revenue via staking over 3 million of its $ETH holdings.

BMNR is down 2% in pre-market trading and lower by about 60% over the past six months.

With the price of $ETH continuing to fall — down another 3% over the past 24 hours to $1,918 — the firm’s losses on its $16.4 billion in purchases now exceed $8 billion, according to DropsTab.

“In the midst of this ‘mini crypto winter,’ our focus continues to be on methodically executing our treasury strategy and steadily acquiring $ETH and in turn, optimizing the yield on our $ETH holdings,” BitMine chairman Thomas Lee said.