Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased 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 digital asset treasury management. Lee noted, '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, demonstrates the company's continued expansion of its ETH position, while most digital asset treasuries remain inactive.
The firm's total crypto and cash holdings now stand at $13.3 billion, including 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. Lee emphasized ether's evolving role, stating that it is increasingly being viewed as a 'store of value' and collateral, citing recent research and growing use cases such as tokenization and AI systems relying on public blockchains.
He also highlighted ETH's outperformance of the S&P 500 since the start of the Iran conflict, noting its potential as a 'wartime store of value'.