MV Capital | Bitmine Nears 5% Ethereum Supply Goal After Latest $41 Million Purchase

The NYSE-listed firm added 15,112 ETH last week, lifting its treasury to more than 6 million tokens valued at $16.4 billion and advancing its long-term ownership target

Bitmine Immersion Technologies reported on October 5 that it purchased an additional 15,112 Ethereum tokens over the prior week, valued at approximately $41 million. The acquisition raised the company’s total ETH holdings to 6,016,414 tokens as of October 4, according to its latest update.

At a reference price of $2,726 per ETH, the position is valued at roughly $16.4 billion. That stake accounts for 4.9 percent of Ethereum’s circulating supply of 122.1 million tokens, placing Bitmine at 99 percent of its self-described “Alchemy of 5 percent” target.

Consistent Weekly Accumulation Since Mid-2025

The company launched its Ethereum treasury strategy on June 30, 2025, and has purchased ETH every week without interruption since then. Chairman Thomas “Tom” Lee stated that the consistent buying record is unmatched among public companies.

Over the past week, we acquired 15,112 ETH. Bitmine’s track record of consistent buying of crypto is unmatched by any public company in the world. Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025.Thomas “Tom” Lee, Chairman of Bitmine

Bitmine remains the largest corporate holder of Ethereum and ranks as the second-largest overall crypto treasury after Strategy, which holds about 847,666 Bitcoin.

Staking Operations and Projected Yield

Of the total ETH holdings, 5,067,309 tokens, or 84 percent, are staked. At the same reference price, the staked position is valued at $13.8 billion. The company operates staking through its MAVAN platform, the Made in America Validator Network, which it launched earlier in 2026 and has expanded to serve institutional investors, custodians and other participants.

Current staking activity is projected to generate $363 million in annualized revenue based on a recent seven-day annualized yield of 2.63 percent. If the entire ETH balance were staked, the projected annual reward would rise to $431 million under the same yield assumption.

Broader Holdings Reach $17.4 Billion

Beyond Ethereum, Bitmine’s combined crypto, cash, marketable securities and other investments total $17.4 billion. The portfolio includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million position in Eightco Holdings. The company describes the Beast Industries and Eightco holdings as “moonshot” investments. Eightco is one of the few publicly listed equities offering indirect exposure to OpenAI.

Bitmine has also conducted substantial share repurchases, acquiring 21 million of its own shares during the first nine months of 2026. Lee noted that the company’s stock declined 3 percent over that period while ETH fell 10 percent, an outperformance of 731 basis points.

We believe that as crypto enters a cycle we view as a bull market, what is notable is Bitmine’s share price outperformance of ETH during the bear market of 2025-2026. In the first 9 months of 2026, ETH declined 10% while BMNR was down by 3%, or outperformance of 731bp.Thomas “Tom” Lee, Chairman of Bitmine

Market Performance and Upcoming Appearances

Lee pointed to Ethereum’s relative strength in the third quarter of 2026, when the asset outperformed the S&P 500 by 6,832 basis points despite higher oil prices, rising global bond yields, tighter financial conditions and a hawkish Federal Reserve stance.

The outperformance of ETH by 6,832bp relative to the S&P 500 in 3Q26 is notable considering the substantial macro headwinds that emerged in the quarter including a ‘hawkish’ Fed, surging oil, rise in global bond yields and general tightening of financial conditions. Quarter to date, ETH is outperforming by 6,832bp, dwarfing other macro assets.Thomas “Tom” Lee, Chairman of Bitmine

Bitmine stock has shown high trading activity, with average daily dollar volume of $827 million over the five trading days through October 2, ranking it 125th among 5,704 U.S.-listed stocks. The company was added to the Russell 1000 Large-cap index on June 26, 2026. Its Series A Preferred Stock trades on the NYSE under the symbol BMNP.

Lee is scheduled to deliver a keynote address at the Token2049 conference in Singapore on October 7. The company plans to release its October chairman’s message this week under the title “Crypto bull underway — this cycle likely the largest.”

Institutional supporters of Bitmine include ARK’s Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and Lee himself.