Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether, bringing its total holdings to over 5 million tokens, equivalent to approximately 4.21% of the circulating supply. This milestone was achieved in roughly 10 months, following the company's shift from a bitcoin miner to a digital asset treasury strategy firm in June. Lee noted, 'Bitmine's ether holdings have surpassed 5 million, marking a significant milestone as we strive to acquire 5% of the ether supply.' The recent purchase, valued at around $236 million at current ether prices, continues a trend of larger weekly acquisitions, distinguishing Bitmine from most digital asset treasuries that remain inactive. The company's total crypto and cash holdings now stand at $13.3 billion, comprising its ether position, 200 bitcoin, $940 million in cash, and equity stakes in various investments.
Approximately 3.7 million ether tokens, or 73% of its holdings, are staked, generating around $264 million in annualized revenue. The company launched its Mavan staking platform in March to cater to institutional clients and support its treasury operations. Lee emphasized ether's evolving role, stating that it is increasingly being viewed as a 'store of value' and collateral, as digital assets gain traction in financial transactions. He also highlighted ether's outperformance of the S&P 500 since the start of the Iran conflict and its growing use cases, such as tokenization and AI systems, as a long-term driver for the asset.
Lee added, 'There is significant meaning to ether being the best 'wartime store of value' and leading since the war started.'