Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether, bringing its total holdings to over 5 million tokens. This significant milestone, achieved in approximately 10 months, represents about 4.21% of the circulating ether supply.
Lee noted, 'Bitmine's ether holdings have surpassed 5 million, marking a major milestone in our pursuit of acquiring 5% of the ether supply.' The recent purchase, valued at roughly $236 million, continues the company's trend of substantial weekly acquisitions, while many digital asset treasuries remain inactive. The firm's total crypto and cash holdings now stand at $13.3 billion, including its ether position, 200 bitcoin, $940 million in cash, and equity stakes in various companies. Approximately 3.7 million ether tokens, or 73% of its holdings, are currently staked, generating around $264 million in annualized revenue.
Lee emphasized ether's evolving role, citing research by Etherealize, which suggests that ether is increasingly being viewed as a 'store of value' and collateral in financial transactions. He also pointed out that ether has outperformed the S&P 500 since the start of the Iran conflict, with growing use cases such as tokenization and AI systems driving long-term growth.