Bitmine Immersion Technologies reported on October 26 that its Ethereum holdings reached 6,051,933 tokens as of October 25, following the acquisition of an additional 10,452 ETH during the prior week. At the company’s reference price of $2,356 per ETH, the position was valued at approximately $14.26 billion and represented 4.95% of Ethereum’s stated circulating supply of 122.2 million tokens.

The firm’s combined crypto assets, cash, marketable securities and strategic investments totaled $15 billion. The portfolio also included 215 Bitcoin, $514 million in cash and marketable securities, a $180 million stake in Beast Industries and a $76 million position in Eightco Holdings.

Progress Toward Alchemy of 5% Target

Bitmine described its long-term accumulation plan as the “Alchemy of 5%,” a goal of owning 5% of Ethereum’s total supply. The latest balance places the company at 99% of that target. Reaching exactly 5% would require roughly 6.11 million ETH, leaving a shortfall of about 58,067 tokens based on the current supply figure.

The company has purchased Ethereum every week since launching its treasury strategy on June 30, 2025. The most recent addition continues that uninterrupted streak, though the pace of weekly purchases has moderated compared with earlier periods.

Share Repurchase Program Approaches $400 Million

Alongside the Ethereum purchases, Bitmine repurchased 2.04 million of its common shares during the week at an average price of $22.48. The transaction brought the company’s total 2026 buybacks to 22.9 million shares acquired for $399.6 million at an average cost of $17.48 per share.

Management characterized the cumulative program as the largest common-equity buyback executed by any crypto treasury company. Chairman Tom Lee stated that the firm intends to continue repurchasing shares when it views the stock as relatively undervalued, subject to market conditions and the existing authorization.

Staking Operations and Projected Revenue

Bitmine has staked 5,227,037 ETH, equivalent to roughly 86% of its total holdings and valued at $12.3 billion at the reference price. The company estimated annualized staking revenue of approximately $318 million based on a seven-day yield of 2.58%.

If the entire Ethereum treasury were staked through its Made in America Validator Network (MAVAN) and partner platforms, projected annual rewards would rise to about $368 million under the same yield assumption. MAVAN was initially developed to support Bitmine’s own staking needs and has since expanded to serve institutional investors, custodians and other partners.

Market Commentary and Corporate Position

Lee attributed recent crypto market weakness to the same risk-off forces that affected artificial-intelligence-related equities. He noted that Ethereum had declined 13% from its recent peak, compared with a 20% drop in the U.S. semiconductor ETF SOXX over the same period, describing the relatively shallow crypto pullback as evidence that a bull market remains intact.

Bitmine ranks as the largest corporate Ethereum treasury holder and the second-largest publicly traded crypto treasury company overall, behind Strategy. The firm was added to the Russell 1000 index on June 26, and its Series A preferred stock trades on the New York Stock Exchange under the ticker BMNP.

Institutional supporters include ARK Invest, Founders Fund, Pantera, Kraken, Digital Currency Group, Galaxy Digital and Bill Miller III. The company also operates Bitcoin mining activities and continues to expand its blockchain infrastructure capabilities.