Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased an additional 101,901 ETH, bringing its total holdings to over 5 million tokens, 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.
The recent purchase, valued at around $236 million, marks a significant addition to Bitmine's position, while many digital asset treasuries remain inactive. Tom Lee stated, 'Bitmine's ETH holdings surpassing 5 million is a major milestone, as we aim to acquire 5% of the ETH supply.' The company's total crypto and cash holdings now stand at $13.3 billion, including 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 emphasized ether's evolving role, citing research that suggests ETH is increasingly being viewed as a 'store of value' and collateral, particularly in financial transactions. He also highlighted ETH'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 long-term drivers for the asset. According to Lee, 'ETH being the best 'war-time store of value' holds significant meaning, and its lead since the war started is noteworthy.'