BitMine acquired 15,112 ETH in the week ending October 4, increasing its reserves to 6,016,414 tokens. This purchase was less than the 17,362 ETH acquired the previous week and marked the smallest acquisition since the week of August 16, when the company added 9,926 ETH, according to its SEC filings. The reserves now represent 4.9% of the 122.1 million ETH in circulation, falling short of the 5% target. BitMine valued its ETH at $2,726 per token based on Coinbase prices. With this ETH valuation, other crypto assets, cash, and company shares total $17.4 billion. This includes 214 bitcoins, a $180 million stake in Beast Industries, and $117 million in Eightco Holdings (ORBS).
Cash and marketable securities amount to $643 million. This is down from $672 million the previous week and $714 million on September 20. "We believe that as crypto enters a cycle that we view as a bull market, it is worth noting the outperformance of BitMine shares against ETH prices during the bear market of 2025-2026," said BitMine Chairman Tom Lee. He noted that the company's shares have fallen by 3% in the first nine months of the year, while ETH has lost 10%. He partially attributed this gap to the share buyback: the company has repurchased 21 million of its own shares this year, which he described as the largest buyback among crypto reserves.
Ethereum Towers managed BitMine's staking since March in exchange for a share of the net revenue from staking. The agreement ended on September 3, which BitMine reported in its filing on September 8, stating that it did not incur any significant penalties for early termination. Since September 4, the Ethereum Towers-affiliated company American Validator has been advising MAVAN, BitMine's staking platform launched in March. The affiliate receives 1.5% of the ETH rewards that BitMine stakes. BitMine reported 5,067,309 ETH staked, or 84% of its ETH reserves. This figure has remained unchanged in nine weekly reports since August 9.
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