Bitmine Adds 15,112 ETH, Taking Its Stake to 4.9%

Bitmine acquired 15,112 ETH over the past week, worth roughly $41 million, taking its holdings to 6,016,414 ETH as of October 4, 2026, according to the company update carried by TradingView.

At Coinbase's $2,726 reference price, the latest purchase represented about 0.25% of Bitmine's ETH holdings. The total position equalled 4.9% of Ethereum's 122.1 million supply, putting the company 99% of the way toward its self-stated 5% target after 15 months.

The Purchase Narrows the Path to 5%

Bitmine would need about 88,086 additional ETH to own 5% of Ethereum at the supply cited in the update. The 15,112 ETH bought over the past week covered about 14.7% of that gap, based on the same supply figure.

The purchase extends a visible accumulation trend, but it does not establish that Bitmine will complete the target. The company update did not identify the funding source or financing vehicle for the latest purchase. Further confirmed additions would support the target, while a prolonged pause would leave it out of reach under the current accumulation rate.

Bitmine's wider holdings were valued at $17.4 billion, including $643 million in cash and marketable securities, a $180 million stake in Beast Industries and $117 million of Eightco shares. The company also reported 214 BTC.

Lee's Macro Claim Is About Relative Performance

Tom Lee's description of ETH “dwarfing other macro assets” referred to a specific comparison. ETH had outperformed the S&P 500 by 6,832 basis points quarter to date in the third quarter of 2026, according to the company update.

That relative performance came amid a hawkish Federal Reserve, higher oil prices, rising global bond yields and tighter financial conditions, Lee said. The comparison describes ETH's return against the S&P 500, not the size of Bitmine's ETH position or the return on BMNR shares.

Lee also said BMNR shares fell 3% in the first nine months of 2026, compared with a 10% decline for ETH. That amounted to 731 basis points of outperformance for the stock, although both assets remained negative over the period.

Staking Turns the Position Into an Operating Asset

Bitmine has staked 5,067,309 ETH, roughly 84% of its holdings, through operations that include its MAVAN staking platform. At Coinbase's $2,726 reference price, the staked ETH was worth about $13.8 billion.

The company reported a 2.63% seven-day annualized staking yield and projected $363 million in annual staking revenue from the amount currently staked. Lee said the projection would rise to $431 million if Bitmine's ETH were fully staked by MAVAN and its partners, using the same 2.63% yield.

That comparison makes the operating leverage clear. A higher staked balance and a higher realized yield would increase projected rewards, while a falling yield or rewards rate that remained below 2.63% would weaken the upper estimate. A fall in ETH's price would also reduce the dollar value of rewards even if the staked token amount stayed constant.

What Ethereum Treasury Vehicles Must Prove

Bitmine's position now makes staking execution and capital structure more important than the headline purchase alone. The company is 99% of the way toward its 5% goal, but the update did not disclose how it funded the latest 15,112 ETH or provide data on BMNR's premium or discount to net asset value after the announcement.

That leaves two tests for traders. Continued acquisitions would show whether the 5% target remains active. Disclosure of financing costs, realized staking returns and any change in the company's ETH holdings would show whether the treasury structure can support that strategy without relying on optimistic yield assumptions.