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ZEC $1,126 Bitmine adds 12,535 ETH as Ethereum price stays below $2,500
Bitmine raised its Ethereum treasury to 6,041,481 ETH, about 4.95% of supply, while ETH traded near $2,422 and fell over the week.
Key takeaways
- Treasury tops 6 million. Bitmine reported holding 6,041,481 ETH after buying 12,535 ETH, up from 6,028,946 ETH on October 12.
- Staking covers most of it. Bitmine has staked 5.07 million ETH, nearly 84% of its reported Ethereum treasury holdings.
- Target still short. At the 122.1 million-token denominator, 5% would need 6,105,000 ETH, leaving 63,519 tokens to go.
What happened
Bitmine Immersion Technologies bought another 12,535 ETH during the week, raising its reported Ethereum treasury to 6,041,481 tokens as of October 18 at 3 p.m. Eastern Time. The prior update on October 12 reported 6,028,946 ETH.
The NYSE-listed company said its combined cryptocurrency, cash, marketable securities and strategic investments were valued at about $15.1 billion as of October 18. It priced its ETH position at a reference price of $2,365 per token, putting that holding at roughly $14.29 billion.
Bitmine has staked 5.07 million ETH, close to 84% of its reported Ethereum treasury. CoinGape put the staked total at 5,067,309 ETH, worth $12 billion.
Ethereum traded at about $2,422.48, up 0.50% in 24 hours but down 4.80% over the preceding seven days. The token faces resistance near $2,545, with support around $2,300.
First $2.7KLatest $2.4K-11.0% over the period
Points are daily observations, not closing prices.
Why it matters
Bitmine says it owns about 4.95% of the 122.1 million ETH supply used in its announcement. At that fixed denominator, a 5% stake would require 6,105,000 ETH, leaving the company 63,519 tokens short. Bitmine describes itself as about 99% of the way to the goal.
Chairman Tom Lee said the company has bought ETH every week since it adopted its Ethereum treasury strategy on June 30, 2025. The latest purchase follows the 12,532 ETH it announced the week before.
Lee linked weaker investor risk appetite to AI funding and AI model safety concerns, U.S.-Iran tensions, anxiety around the U.S. midterm elections and rising global bond yields. He said past periods of resilient fundamentals alongside falling prices have been attractive risk/reward opportunities.
The buying has not lifted the shares in the short term. CoinGape reported BMNR trading at around $21, down over 1% at the market open and more than 5% over five days.
What is still unclear
- Bitmine has not said whether its weekly accumulation program will continue once holdings reach 5% of supply. The company has not announced that the program has ended.
- Ethereum's supply is not permanently fixed, so the number of tokens needed to hold a 5% position can change over time.
Questions readers ask
How much ETH does Bitmine hold?
Bitmine reported holding 6,041,481 ETH as of October 18, after buying 12,535 ETH during the week. That is about 4.95% of the 122.1 million-token supply cited in its announcement.
How much of Bitmine's ETH is staked?
Bitmine has staked 5.07 million ETH, nearly 84% of its reported Ethereum treasury holdings. CoinGape reported the staked total at 5,067,309 ETH.
What is the Ethereum price today?
Ethereum traded at about $2,422.48, up 0.50% in 24 hours and down 4.80% over seven days. It remains below $2,500, with resistance near $2,545.
Why is Tom Lee buying ETH while prices fall?
Lee pointed to weaker risk appetite tied to AI concerns, geopolitical tensions, midterm election anxiety and rising bond yields. He said falling prices with resilient fundamentals have historically offered attractive risk/reward opportunities.
