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Tom Lee-chaired Ethereum treasury BitMine Immersion bought the dip, adding roughly $800 million worth of Ethereum to its treasury as ETH retreats from its August record peak.

BitMine has continued its Ether buying spree as crypto prices plunged. According to a Monday press release, the company scooped up a further 203,826 Ether over the last week.

BitMine Immersion, which has the largest Ethereum treasury of any publicly traded firm and the second-largest overall crypto treasury, said it now holds 3,236,014 ETH acquired at an average price of $4,022 per coin. To put it into perspective, the ETH stockpile represents around 2.7% of Ether’s circulating supply. This brings BitMine more than halfway to its ambition to reach 5%.

The Nasdaq-listed firm also listed 192 Bitcoins worth $21.3 million, $219 million in unencumbered cash, and a $119 million equity stake in Eightco Holdings as part of its $1.34 billion in combined crypto and cash holdings.

ETH was recently priced at approximately $3,866 per coin after a rocky couple of weeks. According to CoinGecko data, it dropped last week to as low as $3,709, its lowest price in two months. The asset is currently 21.9% down from its August all-time high of $4,946.05.

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The latest purchase means BitMine purchased around 1.6 billion in ETH over the past two weeks as crypto prices slipped, culminating in a record-setting flash crash on October 10. 

“Open interest for ETH sits at the same levels as seen on June 30th of this year, ETH was $2,500, given the expected Supercycle for Ethereum, this price dislocation represents an attractive risk/reward,” chairman Thomas Lee posited in a Monday statement.

In September, Lee held firm on his prediction for Ether to hit $12,000 before the end of this year, despite just over two months remaining on the clock. To achieve Lee’s target, the second-largest cryptocurrency by market cap would need to surge over 200% from its current price level.