Bitmine Buys $236M Ether, Tom Lee Calls ETH 'Wartime Store'

Ether treasury firm Bitmine has acquired 101,901 ETH, valued at roughly $236 million, pushing its total holdings past the 5 million token mark. This makes Bitmine the largest known Ether treasury, now holding 4.21% of the total supply. The firm has also staked over 3.7 million ETH, generating approximately $264 million in annualized revenue. Chairman Thomas Lee views Ether not just as a speculative asset but as a "wartime store of value," citing its outperformance against the S&P 500 since the Iran conflict and its growing use cases in tokenization and AI.