Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether tokens, bringing its total holdings to over 5 million. This significant milestone, achieved in approximately 10 months, represents about 4.21% of the circulating ether supply. Lee noted that this purchase is a crucial step towards the company's goal of acquiring 5% of the ether supply.
The recent acquisition, valued at around $236 million, demonstrates the company's continued commitment to expanding its ether holdings, unlike most digital asset treasury companies. Bitmine's total assets, including crypto and cash, now stand at $13.3 billion.
The company has also staked approximately 3.7 million ether tokens, generating around $264 million in annual revenue. According to Lee, ether is increasingly being viewed as a 'store of value' and collateral, with growing use cases in financial transactions. He believes that ether's performance since the start of the Iran conflict and its growing adoption in tokenization and AI systems position it as a strong 'wartime store of value'.