Bitmine Immersion Technologies, led by Chairman Tom Lee, has made a significant purchase of 101,901 ether tokens, bringing its total holdings to over 5 million, approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's strategic shift from bitcoin mining to digital asset treasury management. Lee commented, 'Reaching 5 million ETH is a major achievement, as we strive to acquire 5% of the total ETH supply.' The recent purchase, valued at around $236 million, marks an extension of the company's aggressive accumulation strategy, which sets it apart from other digital asset treasuries.
Bitmine's total crypto and cash holdings now stand at $13.3 billion, comprising its ETH position, 200 bitcoin, $940 million in cash, and equity stakes in various companies. The firm has also expanded its staking operations, with approximately 3.7 million tokens, or 73% of its holdings, generating around $264 million in annualized revenue. Lee emphasized the growing recognition of ether as a 'store of value' and collateral, citing its outperformance of the S&P 500 since the start of the Iran conflict and its increasing use in financial transactions.