BitMine Boosts Ethereum Holdings but Misses 5% Supply Target

BitMine has expanded its Ethereum (ETH) holdings by 15,112 tokens in the week ending October 4, bringing its total treasury to 6,016,414 ETH. This purchase was the company's smallest since mid-August, when it added 9,926 ETH. Despite the increase, BitMine's treasury still falls short of its 5% target of the total ETH supply, which currently stands at 122.1 million tokens.

The company valued its ETH holdings at $2,726 per token, based on Coinbase prices. Including other crypto assets, cash, and equity stakes, BitMine's total assets amount to $17.4 billion. This figure also accounts for 214 Bitcoin (BTC), a $180 million stake in Beast Industries, and $117 million of Eightco Holdings (ORBS). However, cash and marketable securities decreased to $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 during the bear market of 2025-2026. He noted that BitMine's shares fell 3% in the first nine months of this year, while ETH declined 10%. Lee attributed this gap partly to BitMine's share buyback program, which has acquired 21 million of its own shares this year, the largest equity buyback by any crypto treasury.

Additionally, BitMine recently terminated its staking agreement with Ethereum Towers, which managed its staking operations since March. Since September 4, Ethereum Towers affiliate American Validator has been advising MAVAN, BitMine's staking platform launched in March. The affiliate earns a 1.5% fee on the rewards from ETH staked by BitMine. Currently, 84% of BitMine's ETH, totaling 5,067,309 tokens, is staked, a figure that has remained unchanged since August 9.