Bitmine Immersion Technologies, led by Chairman Tom Lee, has acquired 101,901 additional ether tokens, bringing its total holdings to over 5 million, equivalent to approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's strategic pivot from bitcoin mining to a digital asset treasury firm. Lee noted, 'Bitmine's ETH holdings have surpassed 5 million, a significant milestone in our pursuit of acquiring 5% of the ETH supply.' The recent purchase, valued at around $236 million, marks a continuation of the company's aggressive accumulation strategy, contrasting with the inactivity of most digital asset treasuries. With total holdings of $13.3 billion in crypto and cash, Bitmine also holds 200 bitcoin, $940 million in cash, and equity stakes in various companies.
Approximately 73% of its ETH holdings, or 3.7 million tokens, are currently staked, generating an estimated $264 million in annual revenue. Lee emphasized ether's evolving role, citing research by Etherealize, which suggests ETH is increasingly being viewed as a 'store of value' and collateral in financial transactions. He also highlighted the asset's outperformance of the S&P 500 since the start of the Iran conflict and its growing use cases, such as tokenization and AI systems, as a long-term driver of growth. According to Lee, 'ETH has become the leading asset since the war started, solidifying its position as a 'wartime store of value.'