Bitmine Raises Ethereum Holdings to 6,051,933 Units, Nearing 5% Target
Key Facts
Bitmine Immersion Technologies said its holdings reached 6,051,933 units of Ethereum as of 2:00 p.m. Eastern time on October 25, 2026, after adding 10,452 units during the week ended on that date. The company said the holding represented 4.95% of the total Ethereum supply, which it estimated at 122.2 million units. That brought it 99% of the way toward its stated goal of owning 5% of the supply. The company valued its Ethereum holdings at about $14.3 billion, based on a price of $2,356 per unit. The figures put the scale of the company’s digital treasury strategy at the forefront of its update, alongside its cash assets and other investments.
A comparison with the previous update showed a modest increase in holdings over the week: the company disclosed on October 19 that it held 6,041,481 units as of October 18, compared with 6,051,933 units in the later update. The difference of 10,452 units is consistent with what Bitmine said it bought during the week. The company passed the 6 million-unit mark in its update for September 27, when it reported holdings of 6,001,302 units, representing 4.9% of a supply it said totaled 122.1 million. These milestones show holdings growing from just above 6 million units to nearly 4.95% of supply by late October. Bitmine said it has bought Ethereum every week since launching its treasury strategy on June 30, 2025.
Alongside its purchases, the company put a large part of its holdings into staking, reporting that 5,227,037 units were staked as of October 25, worth $12.3 billion at $2,356 per unit. It estimated annual revenue from the staked amount at about $318 million, based on 5.2 million units, or 86% of its 6.05 million-unit holding. It also said annual revenue could reach $368 million if the entire balance were staked, assuming a yield of 2.58% over seven days. These are company estimates, not realized income; the amount staked also rose from 5,067,309 units on October 18, when the company estimated annual revenue at $309 million. This reflects an expansion in the amount staked alongside the increase in total holdings.
Bitmine put the combined value of its cryptocurrency, cash, marketable securities and other investments at $15 billion as of October 25. The breakdown included 215 units of Bitcoin, a $180 million stake in Beast Industries, a $76 million investment in Eightco Holdings, and $514 million in cash and marketable securities. Ethereum holdings, valued at about $14.3 billion, were the largest component of that total. The disclosure provides a snapshot of the treasury’s components on the same measurement date. The company also listed the value of its other assets separately from its Ethereum balance when presenting total cash assets and investments.
In the market, BMNR shares closed at $20.95 on October 26, down from a close of $22.40 on October 23. For Ethereum trading, The Block reported that the price was about $2,322 on Monday, down 0.4% over 24 hours; that market price is separate from the $2,356 the company used to value its holdings on October 25. Chairman Tom Lee said Ethereum had fallen 13% from its recent peak, while U.S. semiconductor stocks had dropped 20% over the same period. Lee offered the comparison in support of the company’s bullish market view, not as an independent measure of portfolio performance. In an earlier update, the company attributed weakness in cryptocurrency markets to waning risk appetite, linking it to a selloff in AI stocks, geopolitical concerns and rising global bond yields.
On capital management, Bitmine said it intends to buy back shares when management considers them relatively undervalued, subject to market conditions and the existing authorization. The company did not set a date for a new purchase in this statement, but tied the decision to management’s assessment of the stock. For its Ethereum strategy, the company said in its update that it had bought units every week since June 30, 2025, while Tom Lee had previously said in an October letter that the company needed about 100,000 more units to reach its goal of owning 5% of the supply. These figures and estimates remain tied to what the company has disclosed about its plan and holdings on specific dates. The company said in its statement: "We purchased 10,452 units of ETH during the past week."