Key takeaways Bitmine acquires 12,535 ETH, bringing holdings to 6.04 million Total reported assets decline $1.1 billion despite continued accumulation Ethereum staking generates a projected $
Bitmine Immersion Technologies (BMNR) has purchased another 12,535 Ethereum (ETH), increasing its cryptocurrency treasury to 6,041,481 tokens even as the value of its broader portfolio declined by approximately $1.1 billion in one week.
According to the company's October 19 SEC filing, Bitmine now controls approximately 4.9% of Ethereum's circulating supply, bringing it within reach of its long-standing target of acquiring 5% of all ETH.
The accumulation comes despite broader cryptocurrency weakness. Bitmine's combined cryptocurrency holdings, cash, marketable securities and strategic investments fell from $16.2 billion on October 11 to $15.1 billion on October 18, illustrating how declining ETH valuations can outweigh additional purchases.
Bitmine Buys More Ethereum as Treasury Value DeclinesBitmine's latest acquisition continues an uninterrupted weekly buying program that began on June 30, 2025.
The company reported 6,028,946 ETH a week earlier, when Ethereum was valued at $2,544 in its treasury update. Its latest disclosure used a reference price of $2,365, representing a roughly 7% decline between the two valuation snapshots.
As a result, the company's ETH holdings grew while their reported dollar value fell from approximately $15.34 billion to $14.29 billion.
The divergence comes as institutional Ethereum demand faces conflicting signals. Recent ETF outflows have highlighted weaker investor positioning, while Bitmine continues accumulating ETH regardless of short-term market conditions.
Bitmine's latest purchase also follows earlier treasury expansion that pushed its holdings above six million tokens in September.
Ethereum Treasury Nears 5% Supply CeilingBitmine's accumulation strategy is approaching a milestone that could materially change its role in the Ethereum market.
Chairman Tom Lee previously described the 5% ownership threshold as a firm limit, indicating that additional acquisitions would stop once the company reaches that level.
With approximately 122.1 million ETH outstanding, 5% represents roughly 6.105 million tokens. Bitmine therefore needs approximately 63,500 additional ETH to reach its target, assuming the reported supply remains unchanged.
The company's approaching ownership ceiling could eventually remove a consistent source of corporate demand from the market.
Earlier purchase disclosures already showed how the pace of accumulation has moderated as the treasury approaches that threshold.
Bitmine Projects $309 Million in Annual Staking RevenueAlongside accumulating Ethereum, Bitmine is developing a substantial staking operation.
The company reported 5,067,309 staked ETH, equivalent to approximately 84% of its total holdings. Based on a seven-day annualized staking yield of 2.58%, management estimates the position could generate approximately $309 million annually.
That projection is not guaranteed revenue. Actual staking returns depend on network conditions, validator performance and changes in ETH-denominated rewards.
Bitmine's MAVAN infrastructure has expanded beyond the company's own treasury to serve institutional clients, introducing a potential service business alongside its cryptocurrency investments.
The firm also holds $582 million in cash and marketable securities, 215 Bitcoin, and strategic investments in Beast Industries and Eightco.
Bitmine's approach contrasts with companies that have reduced cryptocurrency exposure during periods of volatility. Its previous financing activities also illustrate how corporate treasury strategies can combine digital asset purchases with capital-market fundraising.
