Bitmine's 12,532 ETH buy puts it 99% of the way to owning 5% of ether

Bitmine Immersion Technologies has acquired 12,532 ETH over the last week, swelling its treasury to 6,028,946 tokens. The company sits about 76,000 ETH short of owning 5% of the 122.1 million supply of ether, according to Cryptopolitan’s math.

Bitmine said Monday it owns 4.9% of ether’s supply. The company says it is 99% of the way to a target it calls the “Alchemy of 5%.”

Lee puts the remaining gap at about 100,000 ETH tokens

A 5% stake in 122.1 million ETH comes to 6,105,000 tokens. Bitmine’s 6,028,946 ETH is 76,054 below that line.

Chairman Tom Lee pegged the gap a little higher in his October 7 Chairman’s message. Bitmine needs “about 100,000 more ETH, and that’s about it,” Lee said in the video.

Lee has said purchases stop once Bitmine hits the target. The latest purchase was about $32 million at the price of $2,544 per ETH based on Coinbase’s Sunday pricing.

Bitmine bought $41 million worth of ETH the week before. It trimmed its weekly rate from over 100,000 ETH as it approached 5%, Cryptopolitan said in May.

“Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said. In September, a 28,086 ETH buy took Bitmine to 5.93 million tokens, Cryptopolitan reported.

Staking earns $336 million a year on 84% of the treasury

Bitmine has staked 5,067,309 ETH, 84% of its holdings, valued at about $12.9 billion. The stake is run by its MAVAN validator network and staking partners.

Annualized staking revenue sits at $336 million on the ETH staked now, Lee said. He said that if fully staked, the treasury would bring in around $400 million a year at a 2.61% seven-day yield.

Bitmine disclosed in a statement that as of October 11, it had $16.2 billion in crypto, cash, and other assets. The total includes $612 million in cash and marketable securities and 214 bitcoin.

$180 million of that is Beast Industries, and $85 million is Eightco Holdings. Bitmine’s BMNP, a 9.5% perpetual preferred sold at $80 in June, last closed at $99.53.

Lee said BMNP is up 24% since issuance, versus Treasuries, which are down 8% in the same period. He puts its 9.56% yield 256 basis points below comparable bitcoin credit.

Lee sees potential for the biggest-ever crypto bull market. Tokenization, wealth transfer, treasury firms absorbing supply, and AI are the drivers, he said.

ETH was down 10% in the first nine months of 2026, and BMNR was down 3%, Lee said. He said ether topped the S&P 500 by 6,832 basis points over the third quarter.

Bitmine calls itself the largest ETH treasury and the second-largest crypto treasury overall. Strategy Inc. occupies the number one spot.

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