BitMine Boosts ETH Holdings Amid Restructured Staking Operations

BitMine has expanded its Ethereum (ETH) holdings, adding 15,112 ETH in the week ending October 4. This brings its total ETH treasury to 6,016,414 tokens, marking its smallest weekly purchase since mid-August. The company's previous buy was 17,362 ETH the week before, and its smallest buy since August 16, when it acquired 9,926 ETH.

The current treasury represents 4.9% of the 122.1 million ETH in circulation, falling short of BitMine's 5% target. BitMine valued its ETH at $2,726 per token, using Coinbase prices. The company's total assets, including crypto, cash, and equity stakes, amount to $17.4 billion. This figure includes 214 Bitcoin (BTC), a $180 million stake in Beast Industries, and $117 million of Eightco Holdings (ORBS). Cash and marketable securities account for $643 million, down from $672 million the previous week and $714 million on September 20.

BitMine Chairman Tom Lee highlighted the company's share price outperformance relative to ETH during the 2025-2026 bear market. He noted that BitMine's shares fell 3% in the first nine months of this year, while ETH dropped 10%. Lee attributed this gap partly to BitMine's aggressive share buyback, acquiring 21 million of its own shares this year, the largest equity buyback by any crypto treasury.

BitMine has also restructured its staking operations. Ethereum Towers, which managed BitMine's staking since March, ended its agreement on September 3 without material penalties. Since then, American Validator, an Ethereum Towers affiliate, has advised MAVAN, BitMine's staking platform launched in March, earning 1.5% of staking rewards. BitMine currently has 5,067,309 ETH staked, or 84% of its Ether, a figure unchanged since August 9.