Bitmine Nears 5% Ethereum Target with Latest ETH Purchase

Bitmine has expanded its Ethereum holdings by 15,112 ETH, worth approximately $41 million at the time of purchase. This latest acquisition, reported on October 4, 2026, brings the company's total ETH holdings to 6,016,414, representing 4.9% of Ethereum's total supply of 122.1 million. The purchase marks a significant step toward Bitmine's goal of owning 5% of Ethereum's supply, leaving only about 88,086 ETH to reach the target.

The company's broader investment portfolio is valued at $17.4 billion, including $643 million in cash and marketable securities, a $180 million stake in Beast Industries, and $117 million in Eightco shares. Bitmine also holds 214 BTC. Tom Lee highlighted Ethereum's strong performance, noting that ETH outperformed the S&P 500 by 6,832 basis points in the third quarter of 2026, despite challenging macroeconomic conditions.

Bitmine has staked 5,067,309 ETH, or about 84% of its holdings, through its MAVAN staking platform. At Coinbase's reference price of $2,726, the staked ETH is valued at approximately $13.8 billion. The company projects $363 million in annual staking revenue from the staked amount, with the potential to rise to $431 million if all ETH were fully staked. However, the update did not disclose the funding source for the latest ETH purchase or provide data on BMNR's premium or discount to net asset value.

The continued accumulation of ETH by Bitmine will be a key indicator of whether the company can achieve its 5% target. The company's staking execution and capital structure will also be critical in supporting this strategy, especially as the treasury structure's ability to sustain the strategy without relying on optimistic yield assumptions remains uncertain.