Bitmine Immersion Technologies, led by Chairman Tom Lee, has acquired 101,901 additional ether tokens, bringing its total holdings to over 5 million ETH. This significant milestone, achieved in approximately 10 months, represents about 4.21% of the circulating ether supply.
The recent purchase, valued at around $236 million, demonstrates the company's commitment to accumulating ether. Bitmine's total assets now stand at $13.3 billion, including 200 bitcoin, $940 million in cash, and various equity stakes.
The company has also expanded its staking operations, with roughly 73% of its ether holdings now staked, generating around $264 million in annualized revenue. Tom Lee emphasized ether's evolving role as a store of value, 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.