In this article4 sections
BitMine bought another 15,112 ETH over the past week for about $41 million at a reference price of $2,726 per token, lifting its Ethereum reserve to 6,016,414 ETH, or roughly $16.4 billion at that same price. Cointribune reported that the company says it now controls about 4.9% of Ethereum’s supply and is 99% of the way to its stated 5% target.
BitMine has bought ETH every week since starting its Ethereum treasury strategy on June 30, 2025, according to Cointribune, which noted the company added 17,362 tokens in late September to first cross the 6 million mark. Blockonomi also covered the purchase, stating the total of 6,016,414 ETH was accurate as of October 4 and that it represents about 4.9% of Ethereum’s 122.1 million supply.
Also read: BitMine Tops 6 Million ETH After $47M Weekly Buy
Separately, Blockonomi reported that United States-listed spot Ethereum exchange-traded funds registered $138 million in net redemptions over the week, extending a four-day streak of outflows tracked by SoSoValue.
Key facts
- BitMine acquired 15,112 ETH, valued at about $41 million at a company reference price of $2,726 per token.
- Total holdings stand at 6,016,414 ETH, about 4.9% of an estimated 122.1 million ETH supply, with the company saying it has completed 99% of its 5% goal.
- Of roughly 6.02 million ETH, 5,067,309 are staked — about 84% of the reserve — using BitMine’s MAVAN staking infrastructure, and annualized staking revenue is projected at about $363 million, up from a prior $358 million.
- BitMine reports total assets of about $17.4 billion, including 214 BTC, about $643 million in cash and marketable securities, $180 million in Beast Industries and $117 million in Eightco Holdings.
- The company’s BMNR stock fell about 3% over the first nine months of 2026 while ETH lost nearly 10%, per Cointribune.
Staking scale and the 5% target
Most of BitMine’s Ethereum is working rather than idle. The 5,067,309 staked tokens represent about 84% of the reserve, and Cointribune noted the projection of roughly $363 million in annualized staking revenue depends on the Ethereum network’s yield and on how much is actually staked. BitMine remains the second-largest listed crypto treasury behind Strategy, whose Bitcoin reserve stood at 848,000 BTC after a 334 BTC purchase, according to Cointribune.
Also read: Bitmine expands ETH treasury to $10.9B, repurchases 4.5M shares
The buying pace has slowed. Cointribune noted BitMine purchased 71,672 ETH in a single week in May, when its reserve had just passed 5.2 million ETH. That compares with weekly additions of 15,112 and 17,362 tokens in recent weeks. BitMine’s exact share of supply will drift as the network’s supply changes.
Why it matters
A single listed company approaching 5% of Ethereum’s supply concentrates corporate ownership of the asset in a way that has no close parallel outside Strategy’s Bitcoin position. It also gives BitMine a staking revenue stream tied directly to network conditions, which makes its earnings sensitive to Ethereum’s yield and to how much of its reserve can be deployed. Chairman Thomas Lee has argued a new crypto bull cycle is underway and, per Blockonomi, pointed out that ETH outperformed the S&P 500 by 6,832 basis points in the third quarter, a period when Ethereum rose more than 70% for its strongest quarter since Q1 2021. Market prices have told a different story for the year to date, with both BMNR and ETH down over the first nine months of 2026.
What to watch
The remaining gap to the 5% target is small, so the next weekly purchase — or a pause — will indicate how close BitMine intends to get. Market technician Ted Pillows, cited by Blockonomi, identified a weekly close above $2,800 with strong spot demand as a trigger for a move toward $3,400-$3,500, while derivatives data showed open interest of $34.10 billion and options volume up 33.58%. Blockonomi also noted Ethereum’s liquidity has thinned, with median order book depth at 35-45% of Bitcoin’s levels versus a minimum 60% ratio in 2025.
None of this is financial advice, and crypto markets are volatile and difficult to forecast.
Reported by cointribune.com.
Sources: Cointribune, Blockonomi