Bitmine Immersion Technologies, a digital asset treasury firm led by Chairman Tom Lee, has purchased an additional 101,901 ETH, bringing its total holdings to over 5 million tokens. This milestone, achieved in approximately 10 months, represents about 4.21% of the circulating ether supply. Lee noted that this purchase marks a significant step towards the company's goal of acquiring 5% of the ETH supply. The recent acquisition, valued at around $236 million, continues Bitmine's trend of making larger weekly purchases, while most digital asset treasuries have halted accumulation.
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 investments. Approximately 73% of its ETH holdings, or 3.7 million tokens, are currently staked, generating around $264 million in annualized revenue.
Lee emphasized that ether is increasingly being viewed as a 'store of value' and collateral, citing its outperformance of the S&P 500 since the start of the Iran conflict and growing use cases in tokenization and AI systems.