Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ETH, bringing its total holdings to over 5 million tokens, equivalent to approximately 4.21% of the circulating ether supply. This milestone was achieved in roughly 10 months, following the company's strategic shift from bitcoin mining to a digital asset treasury strategy in June. According to Tom Lee, 'The company has surpassed 5 million ETH, marking a significant milestone in our pursuit of acquiring 5% of the ETH supply.' The recent purchase, valued at around $236 million, continues a trend of larger weekly acquisitions as Bitmine expands its position, while most digital asset treasuries remain inactive.
The company's total crypto and cash holdings now stand at $13.3 billion, comprising its ETH position, 200 bitcoin, $940 million in cash, and equity stakes in various investments. Furthermore, 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 has also emphasized ether's evolving role, citing research by Etherealize, which suggests that ETH is increasingly being viewed as a 'store of value' and collateral, particularly as digital assets gain traction in financial transactions.
Lee noted that ETH has outperformed the S&P 500 since the start of the Iran conflict and highlighted growing use cases, such as tokenization and AI systems relying on public blockchains, as a long-term driver for the asset.