Bitmine Immersion Technologies, an ether treasury firm led by Chairman Tom Lee, has purchased an additional 101,901 ETH, bringing its total holdings to over 5 million tokens. This significant acquisition, valued at approximately $236 million, has increased the firm's ETH treasury to 5,078,386 tokens, representing about 4.21% of the circulating ether supply.
Lee noted that 'Bitmine ETH holdings have surpassed 5 million, marking a major milestone as the company aims to acquire 5% of the ETH supply.' The firm has achieved this milestone in roughly 10 months since its strategic pivot from bitcoin mining to a digital asset treasury company. The recent purchase is part of a larger trend of increased weekly acquisitions, distinguishing Bitmine from other digital asset treasuries that have adopted a more cautious approach. With total crypto and cash holdings of $13.3 billion, the company also holds 200 bitcoin, $940 million in cash, and equity stakes in various investments.
Notably, about 3.7 million of its ETH tokens are staked, generating around $264 million in annualized revenue. Lee has also emphasized the evolving role of ether, framing it as a 'wartime store of value' and highlighting its growing use cases, such as tokenization and AI systems, as a long-term driver of the asset's value.