Bitmine Immersion Technologies, led by Chairman Tom Lee, has acquired 101,901 ether tokens, bringing its total holdings to over 5 million tokens, approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's pivot from a bitcoin miner to a digital asset treasury strategy company.
Lee stated, '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 approximately $236 million, continues a streak of substantial weekly acquisitions as Bitmine expands its position while most digital asset treasuries remain inactive. The company'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 companies.
Approximately 73% of its ETH holdings, or 3.7 million tokens, are staked, generating around $264 million in annualized revenue. Lee also emphasized ether's evolving role, citing recent research that suggests ETH is increasingly being viewed as a 'store of value' and collateral, particularly in the context of the Iran conflict, where ETH has outperformed the S&P 500.