Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether, bringing its total holdings to over 5 million tokens. This significant milestone, achieved in roughly 10 months, represents approximately 4.21% of ether's circulating supply.
Lee noted that the company is moving towards acquiring 5% of the ether supply. The recent purchase, valued at around $236 million, demonstrates Bitmine's continued commitment to expanding its ether treasury. Unlike most digital asset treasury companies, Bitmine has remained active in accumulating ether. 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 73% of Bitmine's ether holdings, or 3.7 million tokens, are staked, generating around $264 million in annualized revenue. Lee views ether as a 'wartime store of value', citing its increasing use as collateral in financial transactions and its outperformance of the S&P 500 since the start of the Iran conflict. He also highlighted growing use cases such as tokenization and AI systems relying on public blockchains as a long-term driver for the asset.