BitMine added 12,532 Ethereum to its treasury in the week ending October 11, according to a company filing. The purchase represents the third consecutive week of reduced buying activity, following weekly additions of 15,112 ETH and 17,362 ETH in the two prior weeks.
The purchase brought BitMine's total Ethereum holdings to 6,028,946 ETH, equivalent to 4.9% of the 122.1 million ETH in total supply. At the time of the filing, valued at $2,544 per token using Coinbase pricing, BitMine's combined crypto, cash, and equity positions totaled $16.2 billion.
BitMine has staked 5,067,309 ETH, representing 84% of its ether holdings. Chairman Tom Lee projected the staked portion would generate $336 million annually based on a 2.61% seven-day yield, with that figure rising to $400 million once all holdings are staked.
In an SEC filing from October 7, Lee indicated the company has largely completed its Ethereum accumulation. He stated BitMine needs approximately 100,000 more ETH to reach its target and said the company is finished stacking as a bull market begins. BitMine had previously adjusted its accumulation timeline in May, extending the target to reach 5% of Ethereum supply to late 2026.
BitMine's cash and marketable securities declined to $612 million from $643 million the previous week, though the company provided no explanation for the decrease.
Separately, BitMine completed a share repurchase program on August 17, during which it repurchased 21 million shares for $350 million beginning July 14. The company has also issued 3.5 million shares of 9.5% perpetual preferred stock at $80 per share on June 10, which have since traded up to $99.53.
