• Bitmine boosts ETH holdings to 3.73M as most treasuries cut exposure.
• The company continues buying despite $4B in unrealized losses and market volatility.
• Ethereum’s Dec. 3 Fusaka upgrade fuels Bitmine’s increased accumulation pace.

Bitmine Immersion Technologies increased its Ethereum position again last week. The firm acquired 96,798 ETH during a period when many digital asset treasuries reduced their exposure. The move extended Bitmine’s buying streak despite steep declines in prices and shrinking market valuations. The company acted while most treasury managers paused purchases or shifted toward selling.

Bitmine increased its total Ethereum holdings to 3.73 million ETH, according to a press release. Those holdings were estimated at $10.5 billion at the current market levels. The company proceeded with acquisitions even as the market mood shifted toward defense in the digital asset market.

Bitmine Continues Buying While Treasuries Pull Back

The growing pressure on lower prices has caused treasuries to derisk. Most of them stopped new additions to safeguard their balance sheets. Others repurchased part of their stakes to eliminate the disparity between share prices and net asset values. These adjustments were cautious due to the volatility.

Bitmine was among the only companies that continued to buy. The company has over $4 billion of unrealized losses on its Ethereum position. Traditional and digital treasuries have long-term exposures that have been burdening financial performance in this downturn.

According to chairman Thomas Lee, market conditions were a factor in the decision to accelerate the buying rate. He also emphasized the need for the next Fusaka upgrade in Ethereum, which is to be deployed on December 3. The upgrade will enhance scalability and enhance network security. Bitmine regards it as a significant technical action.

Also Read: Ethereum Gears Up for $2,900 Surge Following BitMine’s Massive Purchase

Stabilizing Market and Fed Outlook Drive Strategic Purchases

Lee noted that the wider crypto market had settled over seven weeks subsequent to the October 10 collapse. This increase reinforced the strategy of the company to uplift weekly purchases by 39%. He also referred to the change in policy of the Federal Reserve in December, when the central bank was ready to cease decreasing its balance sheet.

It is generally predicted that the Fed will lower interest rates on December 10. These policy clues are significant to companies monitoring the economic and liquidity conditions. They also shape the decisions on capital allocation in the digital asset market.

The new growth of Bitmine came when the market returned to the downward direction. The company shares declined by 4.15% during the pre-market trade. Ethereum fell 10.37% over the last day and is trading around $2,726. The fresh drop caused tension in an environment that was already uncertain.

Also Read: Ethereum Demand Rises: Blockspace Activity Reaches Fresh Peak With 57% YoY Growth