Bitmine Adds $30M in Ethereum as Holdings Near 5% Target
Bitmine Immersion Technologies continued its weekly Ethereum purchases last week, adding 12,535 ETH worth approximately $30 million as a broad crypto market selloff pushed prices lower. The latest acquisition brings the company closer to its ambitious target of holding 5% of Ethereum's total supply.
The NYSE-listed firm reported on Monday that its Ethereum reserves had reached 6,041,481 ETH, valued at around $14.3 billion based on a reference price of $2,365 per token. Its holdings represent approximately 4.9% of Ethereum's circulating supply of 122.1 million ETH, putting the company 99% of the way toward its self-imposed target, known as the "Alchemy of 5%."
Bitmine began its Ethereum treasury strategy on June 30, 2025, and has purchased ETH every week since. The company has indicated that it plans to end its accumulation program once its holdings reach the 5% threshold.
However, the latest purchase comes as Ethereum trades well below its previous highs, leaving Bitmine with unrealized losses on paper. The company accumulated a significant portion of its holdings at higher prices, making its treasury value sensitive to the recent market downturn.
Market Selloff Weighs on Crypto Prices
The recent weakness in digital assets reflects a wider decline in investor appetite for risk, according to the company's chairman, Tom Lee. He pointed to concerns about artificial intelligence funding and model safety, rising tensions between the United States and Iran, uncertainty surrounding the upcoming midterm elections, and higher global bond yields.
Lee also linked pressure on cryptocurrencies to declines in AI and semiconductor stocks in markets such as South Korea and Taiwan, where investors have significant exposure to digital assets. He argued that the downturn could offer an attractive entry point for investors if the underlying fundamentals remain strong.
Despite the market pressure, Bitmine's broader portfolio continued to expand. As of October 18, the company reported total holdings of approximately $15.1 billion, including its Ethereum reserves, other digital assets, cash and investments outside the crypto market.
The portfolio includes 215 Bitcoin, $582 million in cash and marketable securities, a $180 million investment in Beast Industries, and a $74 million position in Eightco Holdings. Bitmine views the latter as a way to gain indirect exposure to OpenAI through a publicly traded company.
Ethereum Staking Generates Potential Revenue
Beyond accumulating ETH, Bitmine is putting a large portion of its reserves to work through staking. The company said 5,067,309 ETH, representing roughly 84% of its holdings, had been staked through its MAVAN platform.
Based on its projections, the staked assets could generate annualized revenue of approximately $309 million. This strategy provides Bitmine with a potential income stream while it continues building its Ethereum treasury.
Bitmine remains the world's largest publicly listed Ethereum treasury company and the second-largest corporate crypto treasury overall, behind Strategy.
Strategy reported on Monday that it purchased another 267 BTC for $22.1 million between October 12 and 18, paying an average of $82,900 per Bitcoin, including fees. The company also repurchased $193.1 million worth of its STRC preferred stock.
Following the acquisition, Strategy's Bitcoin holdings stood at 848,517 BTC, purchased for a combined $64.02 billion at an average cost of $75,446 per coin.
The two companies continue to pursue different approaches to building large crypto reserves. While Strategy focuses on Bitcoin, Bitmine is concentrating on Ethereum and staking income as it approaches its 5% ownership target.