Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ETH, bringing its total holdings to over 5 million tokens, equivalent to approximately 4.21% of the circulating ether supply. This milestone was achieved in roughly 10 months, following the company's strategic shift from bitcoin mining to a digital asset treasury firm in June.
According to Lee, '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 at current ETH prices, continues a streak of substantial weekly acquisitions, distinguishing Bitmine from most digital asset treasuries that remain inactive. The company's total cryptocurrency and cash holdings now stand at $13.3 billion, comprising 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 has repositioned ether as a 'wartime store of value,' citing its growing use as collateral in financial transactions and its outperformance of the S&P 500 since the onset of the Iran conflict.
He also highlighted the expanding use cases for ether, including tokenization and AI systems reliant on public blockchains, as a long-term driver for the asset.