Bitmine Cuts Ether Purchases for Second Week in a Row

Bitmine Immersion Technologies reduced its Ether (ETH) purchases for the second consecutive week, acquiring 15,112 ETH in the week ending October 4, 2026. This marks the lowest weekly purchase since August 17, as the company approaches its goal of owning 5% of Ether’s total supply. As of October 4, Bitmine holds 6,016,414 ETH, valued at approximately $16.4 billion based on a price of $2,726 per ETH. The company is now about 89,000 ETH short of its 5% target, which it refers to as the “Alchemy of 5%.”

Tom Lee, Chairman of Bitmine, highlighted the company’s consistent buying track record, noting that it has purchased Ether every week since initiating its treasury strategy on June 30, 2025. Despite the slower pace of recent purchases, Lee emphasized that Bitmine’s approach remains unmatched by any other public company. The company’s total holdings, including cash and other investments, amounted to $17.4 billion, up from $17.2 billion the previous week.

Lee also pointed to Bitmine’s stock performance, stating that while Ether declined by 10% in the first nine months of 2026, Bitmine’s stock (BMNR) was down by only 3%, resulting in an outperformance of 731 basis points. He attributed this partly to the company’s significant equity buyback, repurchasing 21 million shares in 2026. Additionally, Bitmine’s staked Ether remained at 5,067,309 ETH, generating an annualized staking revenue projection of $363 million at a seven-day yield of 2.63%.

Lee is scheduled to deliver a keynote address at the Token2049 conference in Singapore on October 7, 2026. The article was produced with the assistance of AI tools and reviewed by the Unchained editorial team.