Bitmine Immersion Technologies, led by Chairman Tom Lee, has acquired 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 pivot from a bitcoin miner to a digital asset treasury strategy company in June. Lee stated, 'Bitmine's ETH holdings have surpassed 5 million, marking a significant milestone in our pursuit of acquiring 5% of the ETH supply.' The recent purchase, valued at around $236 million, continues the company's trend of larger weekly purchases, while most digital asset treasuries remain inactive. Bitmine'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 companies.
The company has also expanded its staking operations, with approximately 3.7 million tokens, or 73% of its holdings, now staked, generating around $264 million in annualized revenue. Lee 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 in digital financial transactions.
He 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, as a long-term driver for the asset. According to Lee, 'ETH's position as a 'wartime store of value' holds significant meaning, and its performance since the war started is a testament to its potential.'