Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether tokens, bringing its total holdings to over 5 million. This significant milestone was achieved in approximately 10 months, since the company shifted its focus from bitcoin mining to digital asset treasury management.
With this latest purchase, valued at around $236 million, Bitmine's ether treasury now stands at 5,078,386 tokens, representing about 4.21% of the circulating supply. According to Tom Lee, 'crossing the 5 million threshold is a major milestone as we strive to acquire 5% of the ether supply.' The company's total crypto and cash holdings now amount to $13.3 billion, including 200 bitcoin, $940 million in cash, and equity stakes in various companies. Approximately 73% of its ether holdings, or 3.7 million tokens, are currently staked, generating around $264 million in annualized revenue. Tom Lee also emphasized ether's evolving 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.