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Bitmine Immersion Technologies acquired 12,535 ETH on October 19, bringing its Ethereum treasury to 6,041,481 tokens, or roughly 4.9% of the circulating supply, according to Cointribune. The purchase cost about $29.6 million at the company’s carrying price and follows a separate addition of 12,532 ETH a week earlier.
Bitmine launched its Ethereum treasury strategy on June 30, 2025, with a stated goal of controlling 5% of the ETH supply. Chairman Tom Lee has said the company would stop buying once that threshold is reached. On the latest figures, it needs roughly 63,500 ETH more.
Also read: BitMine Tops 6 Million ETH After $47M Weekly Buy
Key facts
- Bitmine bought 12,535 ETH on October 19 for roughly $29.6 million.
- Its holdings now stand at 6,041,481 ETH, valued at nearly $14.5 billion.
- The position equals about 4.9% of circulating ETH supply, against a 5% target.
- Bitmine has staked 5,067,309 ETH as of October 18, or nearly 84% of its holdings.
- Total assets fell to $15.1 billion from $16.2 billion a week earlier, mostly on the lower ETH price.
A weekly buyer despite the price slide
Bitmine’s consistent weekly purchases have come while the broader crypto market declined. ETH traded near $2,400 when the company calculated its figures. Over two weeks, ether lost about 11.5%, compared with 4.4% for bitcoin.
The lower ether price, not any large sale, explains most of the drop in Bitmine’s portfolio value. The company also holds $17.6 million in bitcoin, $582 million in cash and marketable securities, and strategic stakes including $180 million in Beast Industries and $74 million in Eightco Holdings.
Also read: BitMine Buys 15,112 ETH, Treasury Reaches 6,016,414 Tokens
That mix makes Bitmine the largest publicly traded company built around an ether treasury, though it trails Strategy, Michael Saylor’s bitcoin-focused firm, whose reserve is worth about $69.5 billion.
Staking income and balance-sheet risk
Bitmine generates yield by staking roughly 84% of its ether. At current yields, that produces about $309 million in annualized rewards. The company estimates that staking all of its ETH would bring in $369 million a year, a projection it notes depends on network yield, crypto prices, validator performance and operating costs.
Concentration carries risks. A fall in the token price directly reduces the value of Bitmine’s balance sheet, and a weaker share price could make future capital raises harder.
Tom Lee’s view on the sell-off
Lee has attributed the recent decline to a contraction in investors’ risk appetite rather than to any deterioration in the Ethereum network itself. He cited concerns about artificial intelligence financing and model security, tensions between the United States and Iran, the U.S. midterm elections and rising global bond yields. Those remarks are Lee’s assessment and do not establish AI worries as the sole cause; interest rates, institutional flows and leveraged selling also affect prices.
Bitmine has treated the dip as a buying opportunity. The pending question is whether ether can hold steady demand once its largest regular institutional buyer steps back. Nothing in the company’s disclosure guarantees the token’s price or Bitmine’s results, and this article is not financial advice; crypto markets are volatile and uncertain.
Why it matters
Bitmine has been a steady source of institutional demand for ether during a soft stretch for digital assets. Its near-arrival at 5% gives the market a natural test of how much of ether’s recent support came from one corporate buyer. For holders of the company’s shares, the close link between the ether price and the balance sheet cuts both ways.
What to watch
The remaining acquisition of about 63,500 ETH, and whether Bitmine halts buying at 5% as Lee indicated. Beyond that, the company’s next weekly disclosure on holdings and staking, and the ether price around $2,400 that underpins its asset values.
Reported by cointribune.com.
Source: Cointribune