BitMine Immersion Technologies Inc. has acquired 71,672 Ethereum tokens valued at $157 million, according to a report from Detik Finance.
The purchase occurred last week amid ongoing weakness in the cryptocurrency market.
>>> The K-Shaped Kink in the Economic Backbone: Retail Earnings Signal Dual-Track Recovery
This latest acquisition marks a significant increase from the previous week, when the company accumulated 26,000 tokens.
The aggressive buying comes despite a recent announcement that the firm would slow down its crypto acquisitions.
Strategic Accumulation During Market Dip
Tom Lee, who identified surging oil prices as the primary factor keeping Ethereum below the $2,200 threshold, commented on the strategic move.
"We view the recent pullback of ETH to below $2,200 as an attractive opportunity," Lee stated.
>>> SpaceX Plans Public Market Debut and Targets $80 Billion Raising
The transaction brings BitMine's total holdings to nearly 5.28 million tokens, representing approximately 4.37% of Ethereum's circulating supply.
The company now holds $12.6 billion in total crypto and cash assets, including 202 Bitcoin, $685 million in cash, and equity stakes in Beast Industries and Eightco Holdings.
Lee explained that Ethereum faces pressure from traditional energy markets, noting an all-time high inverse correlation between the token and crude oil.
Six consecutive weeks of rising crude prices have coincided with Ethereum's declining valuation.
"Oil reversing equals ETH prices recovering," Lee posted on X on Monday.
>>> Why UPS Stock Offers a Strong Opportunity for Investors Despite Market Impatience
Market Performance and Technical Indicators
BitMine and Michael Saylor's Strategy Inc. remain among the few large digital asset treasury firms actively accumulating cryptocurrencies during the current downturn.
However, BitMine's stock performance showed distress, with its ticker BMNR falling 9.68% on Friday to close at $19.87.
Premarket trading on Monday extended losses to $19.49.
The decline breached the critical psychological support level of $20, which had held steady during the asset's base-building phase from February to May.
>>> Kylie Minogue Reveals Second Secret Cancer Diagnosis in Netflix Documentary
Technical indicators show the Supertrend at $19.62 has been broken, and the SAR at $23.47 has flipped above the current price, signaling a bearish trend resumption for the first time since the base formed.
