Bitmine Raises Holdings to 6,051,933 ETH, Covering 4.95% of Supply
Key Facts
Bitmine Immersion Technologies said on October 26 that its combined holdings of cryptocurrencies, cash, marketable securities and “moonshots” totaled $15 billion. In an asset breakdown as of October 25, the company said it held 6,051,933 ETH, equal to 4.95% of the supply it put at 122.2 million ETH. That puts the company close to the 5% level highlighted in its disclosures. The announcement was a weekly update on holdings, purchases and share repurchases, rather than a financial results announcement. The company also used a price of $2,356 per ETH to calculate the value of its holdings.
Bitmine said it bought 10,452 ETH during the week before the announcement, and Chairman Thomas Lee said the company had bought ETH every week since launching its treasury strategy on June 30, 2025. In the week-over-week comparison, the company held 6,041,481 ETH on October 18, according to a disclosure attached to a filing with the U.S. Securities and Exchange Commission. The figure reported on October 25 rose from that level after the week’s purchases, reaching 6,051,933 ETH. Lee described the uninterrupted buying record as “unmatched by any public company in the world.” The figures focus on the pace of accumulation and the asset’s size within the treasury.
A large portion of the holdings is now directed to staking: total ETH deposited stood at 5,227,037 on October 25, which the company valued at $12.3 billion using a price of $2,356 per unit. Bitmine said annual staking rewards could reach $368 million if it deposited all its holdings through MAVAN and its partners. The estimate was based on a seven-day BMNR yield of 2.58%, so the company tied the figure to the assumption that the full amount would be deposited. An estimate in a disclosure dated October 19 put annual rewards at $369 million, based on the same 2.58% yield. The company cautioned in that disclosure that actual staking returns could differ from projections, and also cited digital-asset price volatility and changing market conditions.
The reported treasury also comprises 215 BTC, a $180 million investment in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million in cash and marketable securities. The company listed its Beast Industries and Eightco Holdings investments in the “moonshots” category and combined those items with crypto assets, cash and marketable securities in the $15 billion total. These components show that the total is not limited to ETH, although the cryptocurrency is the focus of the company’s update. In Thomas Lee’s assessment of the market, ETH was down 13% from its recent peak, while the U.S. semiconductor index SOXX fell 20% over the same period. The company presented the comparison in the context of its expectation that crypto drawdowns would be relatively limited.
The update also covered the share repurchase program: Bitmine said it bought 2.04 million shares during the week before the announcement at an average price of $22.48 per share. From the start of 2026 through the announcement, the company repurchased 22.9 million common shares at an average price of $17.48 per share, for a total of $399.6 million. These figures provide a separate measure of the company’s activity in its own shares alongside its ETH purchases, without changing the definition of reported total assets. BMNR closed at $22.4 on October 23, according to EL7 data. That was the daily closing price reported in the available data; the facts provided did not include the stock’s high or low for that day.
Against the broader market backdrop, Bitmine management said in an October 19 disclosure that investor risk appetite had contracted in recent weeks because of concerns about AI financing and model safety, as well as rising activity related to the U.S.-Iran war. On the Ethereum network, the foundation announced on October 22 that the Glamsterdam upgrade on the Hoodi testnet had been delayed; it had been scheduled for activation on October 26, and no new date was set. The foundation said the delay would allow further investigation into how EIP-8037 interacts with smart contracts on the mainnet. It said the Hoodi announcement did not set a date for activation on the mainnet and required no action from its users or ETH holders. Bitmine’s treasury and staking figures therefore remain dated October 25, while the foundation’s announcement left the revised upgrade date unspecified.