Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether tokens, bringing its total holdings to over 5 million, equivalent to approximately 4.21% of the circulating supply. This significant milestone was achieved in roughly 10 months, following the company's strategic shift from bitcoin mining to a digital asset treasury firm.
The recent purchase, valued at around $236 million, marks a notable increase in the company's ether holdings, with most digital asset treasuries remaining inactive. The firm's total assets, including crypto and cash, now stand at $13.3 billion, comprising its ether position, 200 bitcoin, $940 million in cash, and equity stakes in various investments. Approximately 73% of its ether holdings, or 3.7 million tokens, are currently staked, generating an estimated $264 million in annual revenue. Tom Lee views ether as a 'wartime store of value', citing its growing use as collateral and its outperformance of the S&P 500 since the start of the Iran conflict, with expanding use cases in tokenization and AI systems driving long-term growth.