Tom Lee calls ether the best-performing macro asset as Bitmine adds 53,501 ETH

Bitmine Immersion Technologies announced Monday that it increased its ether treasury to 5,901,112 ETH. The company acquired 53,501 tokens over the past week. Bitmine said its holdings were worth about $14.8 billion at $2,511 per ETH. The holdings represented 4.9% of Ethereum's 120.7 million token supply. Bitmine said it was the world's largest corporate holder of the cryptocurrency. Bitmine held 5,067,309 ETH through its MAVAN platform and staking partners. The staked ether represented 86% of its balance. Bitmine projected annualized staking revenue of $335 million. The projection used a 7-day annualized yield of 2.63%. Bitmine also reported 211 bitcoin. The company held an $180 million stake in Beast Industries. The company held an $81 million stake in Eightco Holdings. Bitmine reported $541 million in cash and marketable securities. Its combined crypto, cash, and other assets totaled $15.6 billion as of Aug. 30. Chairman Tom Lee said ether outperformed the S&P 500 by 5,430 basis points in the third quarter through Aug. 28. Lee said ETH, BTC, and SOL were the three best-performing assets since June 30. He said the performance could encourage institutions to add to their crypto holdings. Lee called ether the best-performing macro asset. Ether traded above $2,400 on Monday. Bitmine shares closed down 7.14% at $23.80 on Friday. The stock traded above $24 on Monday morning.