Bitmine Expands Ethereum Holdings to 6 Million Tokens

Bitmine Immersion Technologies (BMNR) has made another significant purchase of Ethereum (ETH), acquiring 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 purchase represents 4.9% of Ethereum’s total supply of 122.1 million tokens.

The acquisition, though smaller than the previous week's buy of 17,362 ETH, continues Bitmine's weekly Ethereum purchases since the launch of its treasury strategy on June 30, 2025. The company's total holdings across crypto, cash, and marketable securities now stand at $17.4 billion. Of these, 5.07 million ETH are staked, generating an estimated $363 million in annual revenue.

Chairman Tom Lee highlighted Bitmine's resilience during the bear market, noting that while ETH dropped 10% in the first nine months of 2026, BMNR's stock declined only 3%. Lee attributed this performance to the company's aggressive stock buyback, retiring 21 million shares this year, the largest crypto treasury stock buyback on record. Lee also pointed out that ETH's third-quarter run outperformed the S&P 500 by roughly 68 percentage points.

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 at Token2049 in Singapore on October 7. Technically, BMNR's price is at a critical juncture, sitting at the 20-day EMA of $25.84 and the Bollinger basis of $25.91, which will determine the next move.