Bitmine's Ethereum (ETH) Holdings Reach 6.03 Million Tokens at 4.9% of Supply

The Run to 5% of Supply

Bitmine Immersion Technologies bought 12,532 Ethereum (ETH) over the past week, lifting its holdings to 6,028,946 tokens, or 4.9% of Ethereum's total supply. The NYSE-listed firm published the figure in its weekly holdings update on X, dated October 12, marking the position at $2,544 per ETH, a quote it took from the crypto exchange Coinbase. At that level the latest purchase was worth about $31.9 million, on top of a $41 million addition the week before. Chairman Tom Lee repeated in the release his standing claim that the firm's “track record of consistent buying of crypto is unmatched by any public company in the world.” Bitmine is also the largest single corporate holder of the asset, and Monday's thread itemizes the book line by line, from the core token position down to the preferred stock. The company has disclosed purchases in consecutive weekly updates since it launched its Ethereum treasury strategy in late June 2025, and the run now spans 15 months without a missed week. The 6,028,946 Ethereum (ETH) sits inside a portfolio the company values at $16.2 billion in total crypto, cash and what it calls moonshots. That total also carries 214 Bitcoin (BTC), $612 million in cash and marketable securities, an $180 million stake in Beast Industries, the company behind MrBeast, and an $85 million stake in Eightco Holdings. The stack leaves Bitmine 99% of the way to its goal of owning 5% of the 122.1 million token supply, a threshold the firm brands the “Alchemy of 5%.” The live Ethereum price trades near $2,535, up 1.3% over the past 24 hours, within 0.4% of the mark the company used.

Our live monitoring shows Ethereum changing hands near $2,535, up 1.3% over the past 24 hours, with the trend sideways and the RSI at 44.4. COINOTAG's composite scoring puts the strongest resistance at $2,559, scored 91 out of 100, and the strongest support at $2,509, scored 88 out of 100, so the level Bitmine is buying into sits inside a tight technical band. In crypto futures, funding runs at a mildly positive 0.0038% while open interest stands at $10.6 billion, leaving room for either side to press. The remaining purchase, roughly a quarter of a billion dollars at these levels, is small against $11.7 billion of daily volume, which is why the market reads the run as steady absorption rather than a shock.

MAVAN Staking and Lee's Bull Call

The scale of the treasury is matched by the size of its staking book. As of October 11, Bitmine had staked 5,067,309 Ethereum (ETH), about 84% of its holdings and roughly $12.9 billion at current prices, making it the largest single staking entity on the Ethereum network. Through its MAVAN unit the company operates its own validator nodes and, at the 2.61% seven-day annualized yield, collects rewards worth about $336 million a year; full deployment of the stack would lift that toward $400 million. Readers weighing the same yield can follow our practical guide to staking Ethereum. Over the past 15 months the firm has also completed its move to the NYSE main board, joined the Russell 1000 index and built MAVAN into a standalone staking arm. Lee, the Fundstrat co-founder who chairs Bitmine, set the endpoint of the accumulation in a monthly message last week: the firm needs “about 100,000 more ETH, and that's about it,” after which its buying stops. “Now we're done stacking while a bull market is starting,” he said, arguing that a firm which finishes its stack before prices run would outperform ETH itself. His case for “the biggest bull market we've ever seen” rests on tokenization of assets, a generational wealth transfer, supply absorbed by digital asset treasury firms and AI agents using crypto wallets; our earlier note on his $5,000 Ethereum forecast tracks the same thesis. He pointed to BMNR shares, trading around $26 and about 90% correlated with ETH, and projected that ETH at $22,000 would put the stock between $300 and $500. He also flagged the 9.5% perpetual preferred, BMNP, issued at $80 in June and last quoted at $99.53, a gain of about 24% since issuance.