Bitmine Immersion Technologies (BMNR), chaired by Thomas "Tom" Lee, has significantly expanded its Ethereum (ETH) holdings, surpassing the 5 million token mark after a massive purchase of 101,901 ETH last week. The acquisition, worth approximately $236 million at current prices, is the firm's largest single purchase since December 2025.
According to an update, Bitmine now holds 5,078,386 ETH, representing about 4.21% of Ethereum's circulating supply. The company achieved this milestone in roughly 10 months since pivoting from a Bitcoin miner to a digital asset treasury strategy firm in June.
"This is a major milestone as the company moves towards acquiring 5% of the ETH supply," Lee said, emphasizing the accelerated pace of purchases despite many other digital asset treasuries remaining on the sidelines.
Bitmine's total crypto and cash holdings stand at $13.3 billion. Beyond its massive ETH position, the firm holds 200 BTC ($15.5 million), $940 million in cash, a $91 million stake in Eightco Holdings, and a $200 million investment in Beast Industries.
The firm has also expanded its staking operations, with approximately 3.7 million ETH (73% of holdings) now staked, generating around $264 million in annualized revenue. Bitmine launched its Mavan staking platform in March to attract institutional clients.
Lee framed ether's role as evolving beyond speculative trading, citing research by Etherealize that positions ETH as a "store of value" and collateral for financial transactions. He noted that ETH has outperformed the S&P 500 by 1,696 basis points since the start of the Iran conflict and remains one of the best-performing assets globally.
"ETH continues to benefit from the dual tailwinds of Wall Street tokenizing on the blockchain and from agentic AI systems increasingly needing public and neutral blockchains," Lee added, describing the current 'mini-crypto winter' as being in its final stages.
