Bitmine Adds 12,535 ETH, Nears 5% Supply Goal While BMNR Slides 📉

Bitmine Immersion Technologies, the NYSE-listed Ethereum treasury firm chaired by Tom Lee, disclosed Monday that it acquired 12,535 ETH over the past week in a purchase valued at roughly $30 million, extending an unbroken weekly buying streak that began June 30, 2025 when the company launched its ETH Treasury Strategy. The latest acquisition brings Bitmine's total holdings to 6,041,481 ETH, representing 4.9% of Ethereum's 122.1 million token supply at a reference price of $2,365 per coin, placing the firm 99% of the way to its "Alchemy of 5%" target just 15 months after launch.

"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," the company said in a press release. Lee, the firm's chairman, said Bitmine is positioned to outperform the upcoming crypto bull market after strengthening its position through the bear market. The firm's total staked ETH stands at 5,067,309, worth $12 billion, staked through its MAVAN platform with projected annualized revenue of roughly $309 million.

BMNR shares traded around $21 at the market open on Monday, down more than 1% alongside the broader crypto market downturn. Lee attributed the recent risk-off move to a broad contraction in risk appetite, citing anxiety over AI funding and model safety, escalating U.S.-Iran tensions, midterm-election jitters, and rising global bond yields. He noted that selloffs in AI and semiconductor stocks in markets like Korea and Taiwan, where crypto is widely held, spilled over into digital assets, and characterized the dip as offering attractive risk-reward entry when fundamentals remain strong.

Counting cash, other tokens and what Bitmine calls "moonshot" investments, total holdings reached $15.1 billion as of Oct. 18, including 215 BTC, $582 million in cash and marketable securities, a $180 million stake in Beast Industries and a $74 million position in Eightco Holdings, which the company bills as a rare public proxy for indirect OpenAI exposure. Bitmine remains the world's largest Ethereum treasury and the second-largest crypto treasury overall.

Trailing only Michael Saylor's Strategy in total crypto holdings, Strategy bought 267 BTC for $22.1 million last week and repurchased $193.1 million of its STRC preferred stock, according to a Monday announcement. The Bitcoin treasury firm paid an average of $82,900 per coin between October 12 and 18, per an SEC filing, compared with $86,194 a coin for the 250 BTC purchased the week before. Strategy now holds 848,517 BTC, acquired for a total of $64.02 billion at an average of $75,446 per coin.