Bitmine Tops 6.04M ETH as Treasury Value Slips to $15.1B

Bitmine Immersion Technologies ended the week to 19 October holding 6.04 million ETH. That's 4.9% of Ethereum's 122.1 million token supply. It bought 12,535 ETH over the week, the company said in its weekly treasury update.

The coin count keeps climbing. The dollar figure attached to it doesn't. Bitmine put its crypto, cash and "moonshots" at $15.1 billion, down from $16.2 billion a week earlier. It marked its ETH at $2,365 on 18 October against $2,544 on 11 October.

That gap is the whole story of the past month: more ETH, fewer dollars.

The ETH Pile Grows While Its Price Tag Shrinks

Bitmine's own releases come out roughly weekly. They show the split clearly.

The company added 12,535 ETH in the latest week. The week before it added 12,532. In the week to 5 October it added 15,112. So weekly buying has settled near 12,500 coins. For scale, Bitmine's last reported weekly haul in April was 101,627 ETH in a single week, its fastest pace since December 2025.

Cash is down too. Bitmine held $582 million in cash and marketable securities on 18 October, against $612 million a week earlier and $672 million on 27 September. Its Eightco Holdings stake, the listed-equity leg of its "moonshots" bucket, fell to $74 million from $85 million. The $180 million Beast Industries stake and 215 Bitcoin were unchanged in size.

Bitmine says it has bought ETH every week since its treasury strategy began on 30 June 2025. It also says it's 99% of the way to its "Alchemy of 5%" target of owning 5% of all ETH.

Staked ETH Hasn't Moved Since Late September

Bitmine reported 5,067,309 ETH staked on 18 October, worth $12 billion at $2,365 per ETH. The same figure appears in its 11 October and 27 September releases.

The staked balance is flat while the total stack grows. That means the newly bought coins are sitting unstaked for now. Bitmine projects about $369 million a year in staking rewards if all 6.04 million ETH is staked through its MAVAN platform and partners, using a 2.58% seven-day yield. At the current 5.1 million staked, it projects closer to $309 million.

Tom Lee Blames Risk Appetite, Not the Treasury

Chairman Tom Lee attributed the recent weakness in crypto to investors pulling back from risk. He listed their worries: AI funding and model safety, "escalating US-Iran war activity," nerves ahead of the US midterm elections and rising global bond yields.

"We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming, as the company has strengthened its competitive position over the past year in the midst of a crypto winter (bear market)," Lee said. In the first nine months of 2026, ETH fell 10% while BMNR shares fell 3%, a 731 basis point gap by the company's own reckoning.

The company also reminded investors of things it had already done. A NYSE uplisting on 9 April. A place in the Russell 1000 on 26 June. Its Series A Preferred, BMNP, was issued in September at $80 and last closed at $99.53. Bitmine describes itself as the largest ETH treasury in the world and the second-largest crypto treasury overall. It sits behind Strategy Inc's reported 848,250 Bitcoin, valued at about $74 billion.

What the Latest Release Doesn't Settle

Everything above comes from Bitmine's own numbers. The 19 October release has no independent confirmation yet.

The company's market capitalisation, share count and per-share value of its holdings weren't available from a primary source. It also didn't say whether it bought back shares in the week to 19 October. Its stated buyback of 21 million shares in 2026 so far comes from the 5 October release.

The next update is expected around 26 October. It'll show whether weekly buying holds near 12,500 ETH, and whether any of that ETH starts earning staking yield.