Bitmine adds 12,535 ETH, taking its treasury to 6.04 million and 99% of the way to its 5% goal

Summary

Bitmine Immersion Technologies said Monday it bought 12,535 ETH over the past week, lifting its holdings to 6,041,481 ETH, worth about $14.3 billion at $2,365 per coin as of Oct. 18, according to its release filed with the SEC and reports by The Block and Decrypt.

The company says that is 4.9% of Ethereum’s 122.1 million token supply, leaving it 99% of the way to its “Alchemy of 5%” target; Decrypt reported chairman Tom Lee has said the firm will stop buying once it reaches 5%.

Counting 215 bitcoin, a $180 million stake in Beast Industries, a $74 million stake in Eightco Holdings and $582 million in cash and marketable securities, Bitmine put its total holdings at $15.1 billion.

Lee blamed recent crypto weakness on investors cutting risk over AI funding and model safety, U.S.-Iran tensions, the U.S. midterm elections and rising bond yields, saying selling in Korea and Taiwan spilled over into crypto.

Key facts

• Bitmine said 5,067,309 ETH, about $12 billion at $2,365 per ETH, was staked as of Oct. 18, including through its MAVAN validator network. (SEC EDGAR (Bitmine 8-K))
• The Block said Bitmine projects annualized staking revenue of $309 million at current levels, rising to $369 million once its holdings are fully staked, and that the staked ETH is 84% of its balance. (The Block)
• Lee said in the release that Bitmine has bought ETH every week since its ETH treasury strategy began on June 30, 2025. (SEC EDGAR (Bitmine 8-K))
• Decrypt said Bitmine is underwater on paper because it bought much of its ETH last year at higher prices, and that it remains the largest ETH treasury and second-largest crypto treasury after Strategy. (Decrypt)
• The Block said Bitmine shares closed Friday at $21.66, down 7.28%. (The Block)