Bitmine Immersion Technologies, led by Chairman Tom Lee, has purchased 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 since the company shifted its strategy from bitcoin mining to a digital asset treasury.
Lee noted, 'Bitmine's ETH holdings have surpassed 5 million, marking a significant milestone in our pursuit of acquiring 5% of the ETH supply.' The recent $236 million purchase is part of a series of larger weekly acquisitions, distinguishing Bitmine from other digital asset treasuries that have remained inactive. The company's total crypto and cash holdings now stand at $13.3 billion, including 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 emphasized ether's evolving role beyond speculation, citing its increasing use as a 'store of value' and collateral in financial transactions, and highlighted its outperformance of the S&P 500 since the start of the Iran conflict.