Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether, bringing its total holdings to over 5 million tokens, approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's pivot from a bitcoin miner to a digital asset treasury strategy company in June. According to Tom Lee, 'Bitmine's ether holdings have surpassed 5 million, marking a significant milestone as we strive to acquire 5% of the ether supply.' The recent purchase, valued at around $236 million, continues the company's trend of making larger weekly purchases, while most digital asset treasuries remain inactive.
The firm's total crypto and cash holdings now stand at $13.3 billion, including its ether position, 200 bitcoin, $940 million in cash, and equity stakes in various companies. Approximately 3.7 million ether tokens, or 73% of its holdings, are currently staked, generating around $264 million in annualized revenue. The company has also launched its Mavan staking platform to attract institutional clients and support its treasury operations.
Tom Lee has emphasized ether's emerging role as a 'store of value' and collateral, citing its outperformance of the S&P 500 since the start of the Iran conflict and its growing use cases in tokenization and AI systems.