BitMine Immersion Technologies added 12,535 ETH to its treasury over the past week, according to a Monday filing. The purchase brings the company's total Ethereum holdings to 6,041,481 tokens, representing 4.9% of the total ETH supply of 122.1 million.
The company marked its Ethereum holdings at $2,365 per token using Coinbase prices, down from $2,544 in the previous weekly update. BitMine's overall crypto, cash, and equity holdings were valued at $15.1 billion as of October 18, down from $16.2 billion the week prior.
BitMine's cash and marketable securities declined to $582 million, marking the fourth consecutive weekly decrease from $714 million on September 20.
Market Headwinds Cited
Chairman Tom Lee attributed the recent weakness in crypto markets to a broader selloff in AI stocks and equities in South Korea and Taiwan. Lee noted that concerns over AI funding, AI model safety, the escalating US-Iran conflict, uncertainty ahead of US midterm elections, and rising global bond yields have reduced investor appetite for risk assets.
"Crypto is widely held in the US, Korea and Taiwan," Lee stated. "So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets."
Forward Guidance Changes
BitMine's latest filing removed a statement from its forward-looking disclosures indicating the company was largely finished buying ETH. This language had been added in the previous week's update following an October 7 statement from Lee indicating BitMine needed approximately 100,000 more ETH to reach its 5% supply target.
BitMine has staked 5,067,309 ETH, with projected annual staking revenue of $309 million based on current yields. The company estimates annual staking revenue could reach $369 million once fully staked at a 2.58% seven-day yield.
