Bitmine Immersion Technologies, led by Chairman Tom Lee, has acquired 101,901 ether tokens, bringing its total holdings to over 5 million, approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's strategic pivot from bitcoin mining to digital asset treasury management. Lee noted, 'Bitmine's ETH holdings have surpassed 5 million, marking a significant milestone in our pursuit of acquiring 5% of the ETH supply.' The recent purchase, valued at around $236 million, contributes to the company's growing streak of substantial weekly acquisitions, as most digital asset treasuries remain inactive.
Bitmine's total crypto and cash reserves stand at $13.3 billion, comprising its ETH position, 200 bitcoin, $940 million in cash, and equity stakes in various investments. The company has expanded its staking operations, with approximately 73% of its ETH holdings, or 3.7 million tokens, now staked, generating around $264 million in annualized revenue. Lee has repositioned ether as a 'wartime store of value', citing its increased use as collateral and its outperformance of the S&P 500 since the onset of the Iran conflict. He also highlighted the growing adoption of public blockchains in tokenization and AI systems as a long-term driver for the asset.