Bitmine Immersion Technologies, led by Chairman Tom Lee, has made a significant purchase of 101,901 ether tokens, bringing its total holdings to over 5 million tokens, approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's strategic shift from bitcoin mining to a digital asset treasury company. Lee noted, 'Bitmine's ether holdings have surpassed 5 million, marking a major milestone in our goal to acquire 5% of the ether supply.' The recent $236 million purchase highlights the company's continued accumulation of ether, while most digital asset treasuries have paused their buying activities.
Bitmine'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. The company has also expanded its staking operations, with around 3.7 million tokens, approximately 73% of its holdings, now generating around $264 million in annualized revenue. Lee views ether as a 'wartime store of value,' citing its growing use cases, such as tokenization and AI systems, and its outperformance of the S&P 500 since the start of the Iran conflict.