BitMine hits "we're done stacking" at 99% of its 5% ETH target 🪙

BitMine Immersion Technologies, the NYSE-listed company chaired by Tom Lee, said Monday it added 15,112 ETH worth about $41 million last week, lifting its Ethereum holdings to 6,016,414 ETH as of October 4, 2026. At a reference price of $2,726 per coin, the position was valued at roughly $16.4 billion, representing about 4.9% of Ethereum's 122.1 million token supply and placing the firm roughly 100,000 ETH shy of its self-declared ceiling.

Lee confirmed the ceiling at Token2049 in Singapore on Wednesday, calling 5% a "hard cap." "That's a hard cap. We're not gonna be accumulating past 5%," Lee said. "We're not gonna own more than 5% of Ethereum." He added, "We did all this buying in a bear market. We protected the downside for ETH because we were buying. But now, we're done stacking in front of a 25X move." Lee also said, "We thought this would take five years. It took us a little over a year. More importantly, we did this all in the middle of a bear market. Now we're going to stop." BitMine has purchased ETH every week since launching its treasury strategy on June 30, 2025, a streak it calls the "Alchemy of 5%."

BitMine's total crypto, cash, marketable securities and other investments stood at $17.4 billion as of Saturday. The figure includes 214 BTC, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million position in Eightco Holdings, which the company describes as one of the few public equities offering indirect exposure to OpenAI. Of the ETH held, 5,067,309 tokens, about 84% of the total, are staked through the company's Made in America Validator Network, known as MAVAN, generating projected annualized staking revenue of roughly $363 million. BitMine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing Michael Saylor's Strategy, which holds about 847,666 $BTC.

Lee has previously said the company could sell ETH earned through staking to keep its share of supply from drifting above the 5% threshold, framing the cap as a way to optimize shareholder value without further capital raises. At last week's purchase pace, the final 100,000 ETH would take about six to seven more weeks to accumulate, though the company holds cash and marketable securities more than twice the amount needed to complete the buy at current prices. Tracking data cited by DropsTab puts BitMine's unrealized losses on its ETH position at roughly $4.5 billion, reflecting accumulation that stretched into last year's higher-price environment. $ETH traded near $2,492.49 on Wednesday, down 5.5% on the day during Asia trading hours, coinciding with Lee's remarks.