Bitmine Buys 12,535 Ether as Portfolio Value Falls to $15.1 Billion
Key Facts
Bitmine Immersion Technologies announced the purchase of 12,535 ether in the week preceding its October 19, 2026 statement, continuing to expand its cryptocurrency holdings. According to the statement filed with the U.S. Securities and Exchange Commission, the purchases brought the company's holdings to 6,041,481 ether as of October 18. Bitmine estimated that this represented about 4.9% of Ethereum's total supply, giving its treasury a share approaching that level of supply. The company had reported holdings of 6,028,946 ether on October 11, according to its previous disclosure, published a week before the latest statement. Weekly purchases in that disclosure totaled 12,532 ether, putting the latest buying pace close to the previous week's.
The increase in ether holdings coincided with a decline in the total value of Bitmine's portfolio, which includes cryptocurrencies, cash, securities and other investments. The company said these assets totaled $15.1 billion on October 18, based on the valuation in its latest statement. That compares with $16.2 billion in the October 12 disclosure, when its ether holdings were lower than the balance currently reported. Bitmine reported cash and marketable securities of $582 million, alongside its other portfolio components. That balance stood at $612 million on October 11, also declining between the periods covered by the company's weekly disclosures.
On staking, Bitmine said it had 5,067,309 ether deployed in the activity as of October 18. That represented about 84% of its total ether holdings, according to the company's calculation in the same disclosure, encompassing most of its reported holdings. Bitmine estimated annualized staking revenue at about $309 million, based on the activity's current status as presented in its October 19 statement. By comparison, its annual estimate for this revenue source was $336 million in the previous statement issued on October 12. The estimated staking income thus declined between the disclosures, in the same week that the company continued buying ether and increasing the total units held in its treasury.
Bitmine's portfolio includes assets beyond ether, with the company reporting holdings of 215 bitcoin as part of its cryptocurrency balances on October 18. It also valued its stake in Beast Industries at about $180 million, according to the valuation included in the portfolio details in its latest statement. The reported value of its stake in Eightco Holdings was about $74 million, alongside its other investments and holdings of cryptocurrencies, cash and securities. Bitmine's common stock trades on the New York Stock Exchange under the ticker BMNR, according to the disclosure form filed with the U.S. Securities and Exchange Commission. The company also lists its Class A perpetual preferred stock on the same exchange under the ticker BMNP, a separate security from its common stock.
Bitmine's staking operations rely on infrastructure called MAVAN that the company says it originally developed to serve its own ether treasury. In the statement announcing the infrastructure's launch, filed with the U.S. Securities and Exchange Commission, the company said it was "originally developed to support Bitmine's own ether treasury." The announced expansion plan includes providing staking services to institutional investors, custodians and ecosystem partners seeking infrastructure for the activity. In its quarterly report, Bitmine warned that this infrastructure depends on third-party providers whose services could suffer disruptions, security breaches or outages. It said such events could result in extended validator downtime, slashing of staked assets or lost staking rewards.
On expanding staking to cover its entire holdings, Bitmine provided a conditional estimate in its October 19, 2026 disclosure of the rewards such a scenario could generate. The company estimated those rewards at about $369 million on an annualized basis if all the ether in its treasury were staked. It used a 7-day yield of 2.58% in the calculation, according to the basis it specified for comparison with a fully staked position. Achieving that estimate depends on expanding the amount staked to encompass its entire holdings while applying the yield used in the annualized calculation presented by the company. These conditions place the estimate of future rewards within the full-staking scenario outlined in the October statement, alongside MAVAN's announced plan to expand services to institutional clients, custodians and ecosystem partners.