Bitmine buys 15,112 ETH, holdings top 6 million at 99% of its 5% goal
In brief
- Bitmine added 15,112 ETH, worth about $41 million, extending its weekly buying streak.
- Bitmine's holdings now total 6,016,414 ETH, worth roughly $16.4 billion at $2,726 per coin.
- At 4.9% of Ethereum's supply, Bitmine says it is 99% of the way to its 5% goal.
- About 84% of Bitmine's ETH is staked via MAVAN, projecting roughly $363 million in annual revenue.
- Tom Lee, Bitmine's chairman, said a crypto bull market is underway; he invests in Decrypt's parent.
A streak that hasn't paused
The purchase extends a weekly run that's been going since Bitmine launched its treasury strategy on June 30, 2025. It hasn't skipped a week. At a reference price of $2,726 per coin, the company valued its ETH at roughly $16.4 billion, according to its Monday disclosure as reported by Decrypt.
Decrypt said the company got to 99% of its target in 15 months.
Counting cash, other tokens and outside investments, Bitmine put its total holdings at $17.4 billion as of Saturday. That includes 214 Bitcoin, $643 million in cash and marketable securities, a $180 million stake in Beast Industries and a $117 million position in Eightco Holdings (which Bitmine describes as one of the few public equities offering indirect exposure to OpenAI).
Most of the ETH isn't sitting idle. Bitmine said 5,067,309 ETH, about 84% of its holdings, is staked through its MAVAN platform, for projected annualized revenue of roughly $363 million.
Lee's market case
Chairman Tom Lee said a crypto bull market is "underway."
Lee said BMNR fell 3% over the first nine months of 2026 while ETH dropped 10%, which he framed as the stock outperforming ETH through the 2025-2026 bear market. He also said Ethereum has dwarfed other macro assets this quarter, outpacing the S&P 500 by 6,832 basis points despite a hawkish Federal Reserve, climbing oil prices and rising global bond yields. Those are Lee's views, not settled figures. Decrypt also discloses that he's one of several investors in Dastan, its parent company.
Where Bitmine sits among treasury companies
Decrypt described Bitmine as the world's largest Ethereum treasury and the second-largest crypto treasury overall, trailing only Michael Saylor's Strategy, which holds about 847,666 BTC. The other big balance-sheet players have been busy too. Strategy recently posted a $21 billion third-quarter gain and resumed Bitcoin buying, while Metaplanet sold and rebought 10,000 BTC to make a point about its treasury mechanics.
For Bitmine, the 5% line is now within reach on its own math, and it's still buying every week.
Frequently asked questions
What is Bitmine's 'Alchemy of 5%' target?
It's Bitmine's name for its goal of controlling 5% of the Ethereum network. With 6,016,414 ETH, or 4.9% of the 122.1 million token supply, the company says it's 99% of the way there.
How much of Bitmine's ETH is staked?
Bitmine said 5,067,309 ETH, about 84% of its holdings, is staked through its MAVAN platform. The company projects annualized revenue of roughly $363 million from that staking.
