Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether tokens, bringing its total holdings to over 5 million, equivalent to approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's strategic shift from bitcoin mining to digital asset treasury management in June. Lee noted, 'The fact that our ETH holdings have exceeded 5 million is a significant achievement, as we strive to acquire 5% of the total ETH supply.' The recent purchase, valued at around $236 million, marks a continuation of the company's aggressive accumulation of ether, while most digital asset treasuries have halted their purchasing activities. Bitmine's total crypto and cash holdings now stand at $13.3 billion, comprising its ETH position, 200 bitcoin, $940 million in cash, and equity stakes in various companies.
The firm has also expanded its staking operations, with approximately 3.7 million tokens, or 73% of its holdings, currently staked, generating around $264 million in annualized revenue. Lee emphasized ether's evolving role, citing recent research that suggests it is increasingly being viewed as a 'store of value' and collateral in digital transactions, and highlighting its outperformance of the S&P 500 since the start of the Iran conflict.