Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased 101,901 ETH, bringing its total holdings to over 5 million tokens, approximately 4.21% of the circulating supply of the second-largest cryptocurrency. This milestone was achieved in roughly 10 months, since the company shifted its focus from bitcoin mining to a digital asset treasury strategy in June. Lee stated, 'Bitmine's ETH holdings have surpassed 5 million, marking a significant milestone as we strive to acquire 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, including its ETH position, 200 bitcoin, $940 million in cash, and equity stakes in various investments. 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 also emphasized the evolving role of ether, citing research by Etherealize, which suggests that ETH is increasingly being viewed as a 'store of value' and collateral, given its growing use in financial transactions. He noted that ETH has outperformed the S&P 500 since the start of the Iran conflict and highlighted the asset's potential for long-term growth, driven by use cases such as tokenization and AI systems relying on public blockchains.