Bitmine Buys Its Final Bag of ETH? Tom Lee Says "Done Stacking" 🧱

Bitmine Immersion Technologies acquired 12,532 ETH over the past week for approximately $31.9 million, valued at $2,544 per token, bringing the firm's total holdings to 6,028,946 ETH, according to a press release issued Monday. The stash represents 4.9% of Ethereum's total 122.1 million token supply, leaving the company 99% of the way toward its stated goal of accumulating 5% of the supply, an objective it brands the "Alchemy of 5%." The latest holdings update was provided for October 12, 2026.

The firm's crypto, cash and investment portfolio is now valued at $16.2 billion, including 6,028,946 ETH priced at $2,544 per coin, 214 BTC, $612 million in cash and marketable securities, an $180 million stake in Beast Industries (linked to @MrBeast) and an $85 million stake in Eightco Holdings. Bitmine also reported that 5,067,309 ETH is currently staked, generating annualized staking revenue of approximately $336 million. In his monthly Chairman's message last week, Tom Lee said Bitmine needs "about 100,000 more ETH, and that's about it," suggesting the buying program will conclude once 5% of total ETH supply is reached. In a video accompanying the release, Lee declared, "Now we're done stacking while a bull market is starting. So if we're done stacking, but ETH goes up a lot, you can imagine that we'll outperform Ethereum."

Bitmine's chairman projected the upcoming crypto bull market would be "the biggest bull market we've ever seen," citing tokenization, generational wealth transfers, supply absorption by digital asset treasury firms and AI agents using crypto wallets as key drivers. He noted that BMNR shares, trading near $26 at the time, are 90% correlated with ETH and projected that ETH reaching $22,000 would lift the stock to a range of $300 to $500. Lee also highlighted Bitmine's 9.5% perpetual preferred stock, BMNP, which was issued at $80 in June and last closed at $99.53, while asserting that the firm's "track record of consistent buying of crypto is unmatched by any public company in the world." The latest weekly purchase follows a $41 million ETH acquisition the prior week.