Bitmine Buys 15,112 Ethereum in Single Week, Holdings Near 5% of Total Supply

Bitmine Immersion Technologies (NYSE: BMNR) has deepened its position as the world's largest corporate Ethereum holder, acquiring 15,112 ETH in the past week and lifting its total holdings to 6.02 million tokens, according to a company announcement.

The latest purchases bring Bitmine's share of total ETH supply to 4.9%, based on 122.1 million coins in circulation. The company has bought Ethereum every week since launching its ETH treasury strategy on June 30, 2025, the firm said.

Tom Lee, Bitmine's Chairman, called the buying spree "unmatched by any public company in the world" and signaled confidence that a long-awaited crypto rally is here. Bitmine plans to release its October 2026 Chairman's Message this week under the title "Crypto bull underway — this cycle likely the largest."

Staking and Holdings

Bitmine's total crypto and cash position stands at $17.4 billion. That includes 6,016,414 ETH valued at roughly $2,726 each, 214 Bitcoin, a $180 million stake in Beast Industries, and $117 million in Eightco Holdings (NASDAQ: ORBS) — a company that provides indirect exposure to OpenAI. The firm also holds $643 million in cash and marketable securities.

Of its Ethereum treasury, 5,067,309 ETH — or 84% — are staked, generating a 7-day annualized yield of 2.63%. Bitmine projected annualized staking revenues of $363 million on the current staked pool, and said full staking of all its ETH through its MAVAN platform would produce approximately $431 million per year.

The company launched MAVAN (Made in America Validator Network) earlier in 2026 as an institutional-grade staking platform. Originally built for Bitmine's own treasury, it now serves outside institutional investors and custodians.

Market Position and Performance

Bitmine ranks as the #1 corporate Ethereum treasury globally and the #2 overall crypto treasury behind Strategy Inc. (NASDAQ: MSTR), which holds roughly 847,666 Bitcoin valued at about $78 billion, the company reported.

The stock has become one of the most actively traded in the U.S. According to data from Fundstrat cited by Bitmine, BMNR averaged daily dollar volume of $827 million over the five trading days ended October 2, ranking 125th among 5,704 U.S.-listed stocks, just behind Bristol-Myers Squibb and ahead of Schlumberger.

Bitmine noted that its share price outperformed ETH by 731 basis points during the first nine months of 2026, a period when Ethereum fell 10% and BMNR declined 3%. In the third quarter alone, BMNR outperformed the S&P 500 by 6,832 basis points, despite macro headwinds including a hawkish Fed, rising oil prices and tightening financial conditions, according to Lee.

Lee attributed the performance to actions such as a stock buyback that acquired 21 million shares in 2026, which he called "the largest ever crypto treasury equity buyback."

Institutional Backing

Bitmine said it is supported by a group of institutional investors including ARK's Cathie Wood, Mozayyx, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital, and Tom Lee personally. The company was added to the Russell 1000 large-cap index on June 26, 2026.

Tom Lee is scheduled to deliver the keynote at the Token2049 conference on October 7 at Marina Bay Sands in Singapore, the company said.

Bitmine manages its staking through MAVAN and its own operations, and has a Series A Preferred Stock trading on the NYSE under the symbol BMNP. The firm views the GENIUS Act and the SEC's Project Crypto as transformational developments for financial services in 2026, comparing their potential impact to the end of the Bretton Woods gold standard in 1971.

The Nasdaq's summary of the news noted simply that "Bitmine is hoarding as much Ethereum as it can."