Bitmine Buys 12,535 ETH, Total Holdings Reach 6.04 Million

Bitmine Boosts Ethereum Holdings Amid Market Dip

New York, NY – Ethereum treasury leader Bitmine Immersion Technologies (NYSE: BMNR) announced its latest weekly holdings report, revealing a continued accumulation of Ether (ETH). In the past week, the company acquired an additional 12,535 ETH, bringing its total holdings to 6,041,481 ETH, representing 4.9% of the total supply. However, the overall value of Bitmine’s crypto assets and cash saw a decline from $16.2 billion to $15.1 billion over the week, primarily due to a pullback in ETH prices.

Continued Accumulation and Portfolio Value

Following last week’s acquisition of 12,532 ETH, Bitmine Immersion Technologies, a prominent Ethereum treasury company, released its updated holdings report on October 19th. The latest purchase of 12,535 ETH maintained a similar scale to the previous week. As of 3:00 PM Eastern Time on October 18th (3:00 AM Taipei time on October 19th), Bitmine’s ETH holdings stood at 6,041,481, accounting for 4.9% of Ethereum’s total circulating supply of 122.1 million ETH. Despite the consistent buying, the company’s combined crypto assets, cash, and “moonshot” investments decreased to $15.1 billion from $16.2 billion the prior week, impacted by weakening cryptocurrency prices.

According to the press release, Bitmine valued its latest holdings at $2,365 per ETH, based on Coinbase pricing. This includes:

• 6,041,481 ETH: Valued at approximately $14.3 billion.
• Cash and Equivalents: Approximately $740 million.
• Other Investments: Including Eightco, valued at approximately $74 million.

Compared to the previous week’s SEC filing (8-K attachment), Eightco’s stake value decreased from $85 million to $74 million. Cash and marketable securities also saw a reduction of about $30 million from $612 million. Based on the press release’s pricing, the ETH purchased this week is valued at approximately $29.65 million (12,535 ETH x $2,365). Bitmine asserts its position as the world’s largest ETH treasury and the second-largest crypto treasury globally, trailing only Strategy, which reportedly holds 848,250 BTC, valued at approximately $74 billion.

Staking Operations and Yields

Bitmine has staked 5,067,309 ETH, valued at approximately $12 billion, representing about 84% of its total holdings. Chairman Tom Lee stated in the press release that, at a 7-day annualized yield of 2.58%, the current staked amount generates an annualized return of approximately $309 million. If all holdings were staked through Bitmine’s institutional-grade staking platform, MAVAN (Made in America Validator Network), and its partners, the annualized rewards could reach approximately $369 million.

Notably, SEC filings indicate that Bitmine’s staked ETH amount has remained constant at 5,067,309 since the August 23rd weekly report. The ETH acquired in the past two months has not been reflected in the staking figures. The estimated annualized staking yield has also decreased in line with the cryptocurrency’s price, falling from $363 million on October 4th and $336 million on October 11th, to $309 million this week.

Shifting Acquisition Pace and Strategic Goals

In terms of weekly acquisition volume, Bitmine’s purchases in mid-September averaged around 27,000 ETH per week (27,180 ETH and 27,562 ETH). This pace subsequently slowed to 17,362 ETH, then 15,112 ETH, and has stabilized at approximately 12,500 ETH over the last two weeks. The company emphasized its consistent weekly purchases since launching its ETH treasury strategy on June 30, 2025, and stated it has achieved 99% of its “Alchemy of 5%” goal, referring to holding 5% of the total ETH supply.

Tom Lee previously indicated at TOKEN2049 in Singapore on October 7th that purchases would cease upon reaching the 5% threshold. Based on the press release’s figure of 122.1 million ETH in circulation, 5% equates to approximately 6.105 million ETH. Bitmine currently holds about 63,519 ETH shy of this target.

Market Commentary and Outlook

Regarding recent market movements, Tom Lee attributed the significant contraction in investor risk appetite over the past few weeks to factors including AI financing and security concerns, escalating US-Iran tensions, pre-midterm election uncertainty, and rising global bond yields. He noted that this led to sell-offs in AI, semiconductor, and memory stocks, which in turn impacted South Korean and Taiwanese markets heavily weighted in these sectors. Lee believes that the widespread ownership of crypto assets in the US, South Korea, and Taiwan means that when local investors reduce risk, it naturally creates spillover pressure on the crypto market.

However, he also stressed that periods of fundamental strength coupled with price declines often present attractive risk-reward opportunities. Lee expressed optimism that Bitmine is “poised to outperform the crypto bull market.”

As the publicly traded company holding the most ETH globally, Bitmine’s weekly purchases have been described by CoinDesk as one of ETH’s most enduring sources of demand. This week’s data indicates that Bitmine continues its weekly accumulation despite the price dip, though the weekly volume is less than half of mid-September’s figures. With only about 64,000 ETH remaining to reach the 5% cap set by Tom Lee, the company is nearing a significant strategic milestone.