Bitmine Immersion Technologies, led by Chairman Tom Lee, has made a significant purchase of 101,901 ETH, bringing its total holdings to over 5 million tokens. This milestone, achieved in approximately 10 months, represents about 4.21% of ether's circulating supply.
Lee noted, 'Bitmine's ETH holdings have surpassed 5 million, marking a significant step towards our goal of acquiring 5% of the ETH supply.' The recent purchase, valued at around $236 million, continues the firm's trend of making larger weekly purchases while many digital asset treasuries remain inactive. The company's total crypto and cash holdings now stand at $13.3 billion, including its ETH position, 200 bitcoin, $940 million in cash, and equity stakes in various companies. Approximately 3.7 million of its ETH tokens are staked, generating around $264 million in annualized revenue.
Lee emphasized ether's evolving role, citing research that suggests ETH is increasingly being used as a 'store of value' and collateral in financial transactions. He also highlighted its outperformance of the S&P 500 since the start of the Iran conflict and its growing use cases, stating, 'There is significant meaning to ETH being considered the best 'war-time store of value' and leading asset since the war began.'