Bitmine Immersion Technologies, led by Chairman Tom Lee, has acquired 101,901 ETH, bringing its total holdings to over 5 million tokens, approximately 4.21% of the circulating ETH supply. This milestone was achieved in roughly 10 months since the company shifted its focus from bitcoin mining to digital asset treasury strategy. The recent purchase, valued at around $236 million, marks a significant addition to the company's ETH position, while most digital asset treasuries remain inactive. The company's total crypto and cash holdings now stand at $13.3 billion, including 200 bitcoin, $940 million in cash, and equity stakes in various investments.
About 73% of its ETH holdings, roughly 3.7 million tokens, are staked, generating approximately $264 million in annualized revenue. Tom Lee views ETH as evolving beyond a speculative asset, citing its growing use as a store of value and collateral in financial transactions, and highlights its outperformance of the S&P 500 since the start of the Iran conflict.