Bitmine Immersion Technologies, led by Chairman Tom Lee, has made a significant purchase of 101,901 ether tokens, taking its total holdings to over 5 million. This milestone was achieved in approximately 10 months, since the company shifted its focus from bitcoin mining to a digital asset treasury strategy. The recent acquisition, valued at around $236 million, brings the firm's total ETH treasury to 5,078,386 tokens, representing about 4.21% of the circulating supply.
Lee stated, 'Bitmine's ETH holdings have surpassed 5 million, marking a major milestone in our pursuit of acquiring 5% of the ETH supply.' The company's total crypto and cash holdings now stand at $13.3 billion, including 200 bitcoin, $940 million in cash, and equity stakes in various investments. Approximately 3.7 million tokens, or 73% of its holdings, are staked, generating around $264 million in annualized revenue.
Lee emphasized the growing importance 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.