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Bitmine Immersion Technologies (NYSE: $BMNR) is once again aggressively buying Ethereum (CRYPTO: $ETH) as the price slumps. 

The crypto Treasury company bought $154 million U.S. worth of Ethereum over the past week, as the company took advantage of rising oil prices that sent crypto prices lower.

Bitmine acquired 71,672 ETH, a sharp increase from the previous week's 26,000 purchase. 

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“We view the recent pullback of ETH to below $2,200 as an attractive opportunity,” said Bitmine Chairman Tom Lee on social media.

Lee added that rising crude oil prices are the main factor pressuring ETH’s price currently. 

“ETH inverse correlation to oil is the highest ever,” he wrote on social media. 

Bitmine has remained one of the few crypto treasury firms to still accumulate Ethereum during the recent market downturn.

The latest purchase raised Bitmine’s ETH holdings to 5.28 million digital tokens, or about 4.37% of Ethereum’s total circulating supply. 

The company has a stated goal to own 5% of Ethereum’s circulating supply. 

BMNR stock has declined 39% this year to trade at $18.95 U.S. per share.