Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ETH, bringing its total holdings to over 5 million tokens, 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. The recent acquisition, valued at around $236 million, marks a significant increase in the company's ETH position, which now stands at 5,078,386 tokens. According to Lee, 'Bitmine's ETH holdings have surpassed 5 million, a major milestone in our pursuit of acquiring 5% of the ETH supply.' The company's total crypto and cash holdings amount to $13.3 billion, including 200 bitcoin, $940 million in cash, and equity stakes in various investments.
Approximately 3.7 million ETH tokens, equivalent to 73% of the company's holdings, are currently staked, generating around $264 million in annualized revenue. Lee has repositioned ether as a 'wartime store of value,' citing its growing use as collateral and its outperformance of the S&P 500 since the start of the Iran conflict.
He also highlighted the increasing adoption of public blockchains in financial transactions, tokenization, and AI systems, which is expected to drive long-term growth for the asset.