Bitmine Boosts Ethereum Holdings to 6.02 Million
Bitmine Immersion Technologies (NYSE: BMNR) has continued its aggressive accumulation of Ethereum (ETH), purchasing an additional 15,112 ETH last week. This brings the company’s total holdings to 6.02 million ETH, valued at approximately $16.4 billion at the current price of $2,726 per token. The latest acquisition marks the latest in a series of weekly ETH buys since the company launched its treasury strategy on June 30, 2025.
The company’s total holdings across crypto, cash, and marketable securities now stand at $17.4 billion, with 5.07 million ETH staked, generating an estimated annual revenue of $363 million. Bitmine’s ETH holdings now represent 4.9% of Ethereum’s total supply, leaving roughly 89,000 more ETH to reach a 5% stake.
Chairman Tom Lee highlighted Bitmine’s resilience during the 2026 bear market, noting that while ETH dropped 10% in the first nine months of the year, BMNR shares fell only 3%. Lee attributed this performance to the company’s record-breaking stock buyback, retiring 21 million shares this year. He also emphasized ETH’s strong third-quarter performance, which outperformed the S&P 500 by roughly 68 percentage points, despite challenging economic conditions.
Looking ahead, Bitmine will release its October Chairman’s Message this week, titled “Crypto bull underway: this cycle likely the largest.” Additionally, Lee is scheduled to deliver a keynote address at the Token2049 conference in Singapore on October 7. From a technical standpoint, BMNR’s price is currently positioned at a critical juncture, sitting at the 20-day EMA of $25.84 and the Bollinger basis of $25.91, which could determine the stock’s next move.