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

Update 17:43 UTC: A separate on-chain tally from Lookonchain, posted on X on October 12 by 15:50 UTC, sharpens the arithmetic of the finish line: it puts Bitmine's share of supply at 4.94%, values the reserve at $15.24 billion and counts 77,442 Ethereum (ETH) left to buy for the 5% mark, a figure more precise than the roughly…

The Run to 5% of Supply

Bitmine Immersion Technologies bought 12,532 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.

The update also carried stock-market context for the treasury's builder. BMNR shares fell 12.8% over the past five trading days and opened lower in Monday premarket trading, though the stock is up more than 55% over the past three months. For the first nine months of 2026 the company's relative performance held up against the token it holds: Ethereum (ETH) dropped 10% over that stretch while BMNR declined 3%. Lee said most of the 6 million ETH was secured during the bear market, a positioning he argues favors the firm if the sector turns. He also repeated that Bitmine remains the largest listed Ethereum reserve fund, second only to Bitcoin-focused Strategy in total disclosed crypto holdings.

The press release also signals a wind-down. Bitmine's forward-looking statements state that management considers the company to have "essentially completed its ETH buying," meaning purchase cadence may slow as the 5% target approaches. The latest weekly buy of 12,532 ETH was also smaller than the prior week's 15,112 tokens, and the total portfolio value, crypto, cash and moonshots combined, slipped to $16.2 billion from $17.4 billion a week earlier, as the price used to mark the stack fell from $2,726 to $2,544 per ETH.

The shrinking cadence now has a longer trail: the 12,532 ETH added this week follows 15,112 in the prior update and 17,362 in the one before that, making it the third straight week of smaller purchases, and a steep drop from the 53,501 ETH Bitmine reported in its Aug. 31 update. The company's Monday release puts the remaining gap to the 5% threshold at roughly 76,000 ETH, with the strategy dated to its June 30, 2025 launch. One moonshot also lost value week over week: the Eightco Holdings stake was marked at $85 million, down from $117 million in the previous tally, while Lee's $400 million full-staking projection, quoted off the 2.61% seven-day yield, matched the figure in last week's disclosure. He had flagged in May that buying might ease as the target approached.

A separate on-chain tally from Lookonchain, posted on X on October 12 by 15:50 UTC, sharpens the arithmetic of the finish line: it puts Bitmine's share of supply at 4.94%, values the reserve at $15.24 billion and counts 77,442 ETH left to buy for the 5% mark, a figure more precise than the roughly 76,000 ETH in the company's own release. The same calculation prices last week's 12,532 ETH purchase at $31.67 million, an implied average entry near $2,527 per token, a later reading than the $2,544 per ETH the company had cited in its own release. Lee has also fixed the program's end date: in an October 7 statement he said buying halts once the 5% threshold is reached, a target originally expected to take five years but now nearly complete in roughly one, and he added that ETH outpaced the S&P 500 by 6,832 basis points in the third quarter despite tightening macro conditions.

Live monitoring puts Ethereum at $2,508.41, down 1.07% over the past 24 hours, with the trend sideways, the RSI at 43.98 and a bearish MACD signal. COINOTAG's composite scoring places the strongest support at $2,377.29, scored 90 out of 100, with backing from the 0.382 Fibonacci level, Value Area High, Keltner lower band and SW5L, while the strongest resistance sits at $2,560.16, scored 90 out of 100 and stacked with the 20-day EMA, 50-day SMA, R1 and the 0.236 Fibonacci level. In crypto futures, funding is mildly positive at 0.0015% and open interest stands at $10.30 billion, with 65.1% of accounts positioned long against 34.9% short, a long-leaning crowd that leaves room for squeeze risk if the level above gives way. Daily volume of $8.59 billion against a Fear & Greed reading of 62 keeps sentiment in greed territory even as price slips, so dips toward $2,377.29 should find absorption; a close above the $2,560.16 ceiling, with $2,518.37 (scored 81) already in the way, would be the first sign the picture has changed (as of 07:55 UTC).

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 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.