Bitmine Immersion Technologies has purchased an additional 12,535 ether, bringing its total holdings to 6,041,481 ETH. The acquisition, valued at approximately $29.6 million, represents the company's continued effort to reach a 5% stake in Ethereum's circulating supply.
At current ether valuations near $2,400, Bitmine's ethereum holdings are worth approximately $14.5 billion. The company now controls roughly 4.9% of ether's circulating supply of 122.1 million tokens, approximately 63,500 ETH short of its stated ownership target. Bitmine launched its Ethereum treasury strategy on June 30, 2025, and has indicated it plans to cease purchases once it achieves the 5% goal.
Beyond ethereum, Bitmine's portfolio includes $17.6 million in bitcoin, a $180 million investment in Beast Industries, a $74 million stake in Eightco Holdings, and $582 million in cash and marketable securities. The company's combined cryptocurrency holdings, cash, marketable securities, and strategic investments total $15.1 billion.
Bitmine generates revenue through ethereum staking operations. As of October 18, the company had staked 5,067,309 ETH, representing approximately 84% of its total holdings. Current staking operations generate an estimated $309 million in annualized rewards, with potential revenue reaching $369 million if the entire ethereum treasury is staked.
Bitmine Chairman Tom Lee attributed recent cryptocurrency market weakness to declining investor risk appetite, citing concerns about AI spending and safety, escalating US-Iran tensions, and rising global bond yields. Ether has declined 11.5% over the past two weeks, while bitcoin has fallen 4.4% in the same period.
Bitmine remains the second-largest publicly traded cryptocurrency treasury company by reported holdings value, behind Michael Saylor's Strategy company.
