Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ether tokens, bringing its total holdings to over 5 million. This significant milestone, achieved in approximately 10 months, represents about 4.21% of the circulating ether supply.
Lee stated, 'Bitmine's ETH holdings have surpassed 5 million, marking a major milestone in our pursuit of acquiring 5% of the ETH supply.' The recent purchase, valued at around $236 million, demonstrates the company's continued commitment to expanding its ether treasury, unlike most digital asset treasury companies that have halted accumulation. Bitmine'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 companies. Approximately 73% of its ether holdings, or 3.7 million tokens, are currently staked, generating around $264 million in annualized revenue. Lee emphasized ether's evolving role, citing research by Etherealize, which suggests that ether is increasingly being viewed as a 'store of value' and collateral 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.