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ZEC $1,267 Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking'
The Ethereum treasury firm purchased 12,532 ETH worth ~$31.9 million in the week ending October 12, 2026, bringing its total holdings to over 6 million ETH.
Key takeaways
- 99% to 5% target. Bitmine is 99% of the way to its goal of holding 5% of the total Ethereum supply.
- $31.9M latest ETH buy. The firm's most recent 12,532 ETH purchase was valued at $31.9 million.
- $16.2B total holdings. Bitmine reports total crypto, cash and investment holdings of $16.2 billion.
What happened
On October 12, 2026, Bitmine Immersion Technologies announced it had purchased 12,532 Ethereum (ETH) tokens over the prior week, an acquisition the company valued at roughly $31.9 million using its internal ETH price of $2,544 per token. The purchase brings the firm's total ETH holdings to 6,028,946 ETH, up from the 15,112 ETH it bought two weeks prior in a $41 million purchase.
The latest buy extends Bitmine's unbroken streak of consecutive weekly ETH purchases, a pattern the firm has maintained since it adopted its Ethereum treasury strategy. In a statement accompanying the announcement, Bitmine Chairman Tom Lee said the firm is "now done stacking while a bull market is starting," and predicted ETH would drive the "biggest bull market we've ever seen." Lee also projected that if ETH reaches $22,000, Bitmine's BMNR stock could trade between $300 and $500, noting the stock is 90% correlated with ETH price movements.
Why it matters
The purchase moves Bitmine closer to its stated public target of owning 5% of the total Ethereum supply, a goal the firm refers to as the "Alchemy of 5%." The firm's current ETH stash makes up 4.9% of the 122.1 million total Ethereum token supply, leaving it 99% of the way to its target. Bitmine has said it will halt all ETH purchases once it reaches the 5% threshold, and currently needs to buy roughly 100,000 more ETH to hit that mark.
What the data shows
- As of October 12, 2026, Bitmine's total crypto, cash and investment holdings are valued at $16.2 billion, per the company's announcement. This includes 214 BTC, $612 million in cash and marketable securities, a $180 million stake in Beast Industries and an $85 million stake in Eightco Holdings.
- Bitmine has staked 5,067,309 of its 6,028,946 ETH holdings, which the company says generates approximately $336 million in annualized staking revenue.
- Bitmine's 9.5% perpetual preferred stock, BMNP, was issued at $80 per share in June 2026 and last closed at $99.53, per the company's October 12 release.
What is still unclear
- The report notes Bitmine holds an unrealized loss of $4.8 billion on its ETH position, but does not specify the market price used to calculate this loss, only citing an average cost basis of $3,324 per ETH for its holdings.
Questions readers ask
How much Ethereum does Bitmine hold?
As of October 12, 2026, Bitmine holds 6,028,946 ETH, per the company's public announcement. This stake makes up 4.9% of the total Ethereum token supply.
What is Bitmine's Ethereum buying target?
Bitmine's stated target is to own 5% of the total Ethereum supply, a goal it calls the "Alchemy of 5%." The firm is currently 99% of the way to reaching this target, and plans to halt ETH purchases once it hits the mark.
Does Bitmine stake its Ethereum holdings?
Yes, Bitmine has staked 5,067,309 of its 6,028,946 ETH holdings as of October 12, 2026. The company says this staked position generates approximately $336 million in annualized staking revenue.
