Bitmine Immersion Technologies, led by Chairman Tom Lee, has made a significant purchase of 101,901 ETH, bringing its total holdings to over 5 million tokens, approximately 4.21% of the circulating supply of the second-largest cryptocurrency. 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. Tom Lee stated, 'Bitmine's ETH holdings have surpassed 5 million, marking a major milestone as we strive to acquire 5% of the ETH 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 ETH position, 200 bitcoin, $940 million in cash, and equity stakes in various companies.
Additionally, Bitmine has expanded its staking operations, with approximately 3.7 million tokens, or 73% of its holdings, now staked, generating around $264 million in annualized revenue. Tom Lee also emphasized the growing importance of ETH 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, tokenization, and AI systems.