BitMine Acquires 12,532 Ethereum and Approaches 5% Target

BitMine reported the purchase of 12,532 Ethereum over the past week and is close to fully achieving its plan to accumulate 5% of the supply of the second-largest cryptocurrency by market capitalization. As of October 11 at 1:30 PM New York time, the company's reserve amounted to 6,028,946 ETH. These coins correspond to 4.9% of the total Ethereum supply, estimated at 122.1 million ETH. The company reported that it has completed 99% of the journey towards its goal, which it calls the 5% formula.

Chairman of the Board Thomas Lee stated that BitMine has been purchasing ETH every week since June 30, 2025, when it launched the Ethereum Treasury strategy. Purchases are planned to cease upon reaching 5%. A publication in X on October 12, citing management, states that the acquisition of ETH is largely complete. The same conclusion follows from Lee's message on October 7.

A significant portion of the reserve is generating income. There are 5,067,309 ETH in staking, which is about 84% of all the company's coins. At a rate of $2,544 per ETH according to Coinbase, this is equivalent to $12.9 billion. Based on a seven-day annual yield of 2.61%, staking at the current volume brings in about $336 million per year. If the entire reserve is staked through the MAVAN platform and partners, the annual income, according to BitMine's calculations, will increase to $400 million.

The total value of crypto assets, cash, marketable securities, and strategic investments as of October 11 amounted to $16.2 billion. This includes 6,028,946 ETH, 214 BTC, stakes in Beast Industries worth $180 million, and Eightco Holdings (NASDAQ: ORBS) worth $85 million, as well as cash and securities amounting to $612 million.

BitMine remains the largest corporate holder of Ethereum. It holds 4.9% of the coin's supply, with less than 0.1 percentage points remaining to reach the stated goal of 5%. The main part of the reserve is already in staking, generating hundreds of millions of dollars in annual income. If management fulfills its promise to cease purchases after reaching the goal, the weekly accumulation, which has been ongoing for over a year, will end. The future dynamics of the reserve will depend on the volume of staking and the value of ETH itself.