Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ETH, bringing its total holdings to over 5 million tokens, representing approximately 4.21% of the circulating ether supply. This milestone was achieved in roughly 10 months, following the company's pivot from a bitcoin miner to a digital asset treasury strategy firm. Lee expressed that 'Bitmine ETH holdings have surpassed 5 million, marking a significant step towards acquiring 5% of the ETH supply.' The recent purchase, valued at around $236 million, continues the company's trend of larger weekly purchases, while most digital asset treasuries have halted accumulation. The firm'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.
Approximately 3.7 million ETH tokens, or 73% of its holdings, are staked, generating around $264 million in annualized revenue. Lee also highlighted ether's evolving role, citing research that suggests ETH is increasingly being viewed as a 'store of value' and collateral, particularly in financial transactions. He noted that ETH has outperformed the S&P 500 since the start of the Iran conflict, and its growing use cases, such as tokenization and AI systems, will drive long-term growth.