BitMine Buys More Ethereum as Holdings Near 5% of Supply

BitMine Immersion Technologies has added more Ethereum to its treasury, bringing the company closer to its goal of owning 5% of ETH’s supply. The company purchased 10,452 ETH over the past week, lifting its holdings to 6,051,933 ETH as of October 25, according to its latest update.

The company, chaired by Fundstrat co-founder Tom Lee, now holds approximately 4.95% of Ethereum’s reported supply of 122.2 million ETH. BitMine also repurchased 2.04 million shares during the week, continuing its buyback program alongside its Ethereum accumulation strategy.

BitMine’s Ethereum holdings approach 5%

BitMine’s latest purchase brings it closer to its “Alchemy of 5%” target, under which the company aims to acquire 5% of Ethereum’s supply. At the reported supply level, the target represents approximately 6.11 million ETH, leaving BitMine around 58,000 ETH short.

The company has bought ETH every week since launching its treasury strategy on June 30, 2025. However, reaching the 5% threshold would mark a significant change in its accumulation strategy, as Lee has said BitMine intends to stop buying once it reaches the target.

BitMine’s holdings have continued to grow even as Ethereum’s dollar price has fluctuated. Its latest update values ETH at $2,356 per token, putting the company’s Ethereum position at roughly $14.26 billion.

The distinction between token holdings and dollar value is important. A growing ETH balance does not guarantee a higher treasury valuation when the market price falls.

Most of BitMine’s ETH is staked

BitMine reported 5,227,037 ETH staked as of October 25, worth approximately $12.3 billion at the company’s reference price. That represents about 86% of its Ethereum holdings.

The company operates the Made in America VAlidator Network, or MAVAN, which was initially developed to support its own treasury and has expanded to serve institutional investors, custodians, and ecosystem partners.

BitMine estimates annualized staking revenue of approximately $318 million based on its current staked balance and a seven-day yield of 2.58%. It projects that figure could rise to about $368 million if all its ETH were staked through MAVAN and its partners.

These are annualized estimates rather than guaranteed income. Actual rewards can change with staking yields, validator performance, operating costs, and the amount of ETH deployed.

Ethereum staking is also becoming more widespread across the network. Altcoin Buzz recently reported that Ethereum staking reached a record 43.8 million ETH as yields declined. BitMine’s large staked position puts the company within this broader trend, although its own treasury strategy is much more concentrated than the network-wide figures.

Share buybacks reach $399.6 million in 2026

Alongside its Ethereum purchases, BitMine repurchased 2.04 million shares at an average price of $22.48 during the latest week.

The company said it has now bought back 22.9 million shares in 2026, spending a total of $399.6 million at an average price of $17.48 per share.

Lee said BitMine intends to repurchase shares when management considers them relatively undervalued, subject to market conditions and the existing authorization. Buybacks reduce the number of shares outstanding, all else being equal, but their effect on shareholder value depends on the price paid and the company’s future performance.

BitMine’s latest report put its combined crypto holdings, cash, marketable securities, and other investments at approximately $15 billion. This total includes 6.05 million ETH, 215 BTC, $514 million in cash and marketable securities, and investments in Beast Industries and Eightco Holdings.

The $15 billion figure covers several asset categories, so it should not be confused with the value of its Ethereum holdings alone.

Tom Lee maintains a bullish Ethereum outlook

Lee has continued to express a bullish outlook for Ethereum, citing institutional adoption, tokenization, and the potential growth of blockchain-based financial products.

In late September, Lee said ETH could trade well above $10,000 within the next 12 months and outlined an illustrative scenario in which it could reach $62,000 during a strong market cycle. These are forecasts, not company guidance or guaranteed outcomes. Lee subsequently moderated some of his near-term expectations, saying in October that ETH should exceed $5,000 by year-end.

His broader argument is that more financial institutions are building products on blockchain networks and that digital asset treasury companies could absorb a larger share of ETH supply. BitMine’s continued purchases are consistent with that thesis, although its own buying cannot establish whether the wider market will follow.

The company’s accumulation strategy is also approaching an important turning point. Once it reaches 5% of supply and stops buying, its recurring purchases would no longer provide the same source of demand. Its large staked position and related rewards could remain central to its business, but its future results would still depend heavily on Ethereum’s market price and staking conditions.

What BitMine’s next move means for Ethereum

BitMine is now close to its stated supply target, with roughly 58,000 ETH left to acquire using the company’s latest supply estimate. Its weekly purchases and substantial staking position make it one of the most closely watched corporate Ethereum treasuries.

The next milestone is whether BitMine reaches 5% and pauses accumulation as Lee has indicated. That would shift attention from the company’s pace of buying toward the value of its existing holdings, staking income, and the market demand needed to support Ethereum’s price.

For now, BitMine continues to accumulate ETH while returning capital through share buybacks. The strategy reflects management’s confidence in Ethereum, but neither the 5% target nor Lee’s price forecasts guarantee future gains for ETH or BMNR shareholders.