Bitmine Immersion Technologies has bought a further 12,535 Ethereum tokens, taking its holdings to 6,041,481 ETH, even as the cryptocurrency remains below $2,500 after a recent market decline.
The NYSE-listed company said its combined cryptocurrency, cash, marketable securities and strategic investments were worth approximately $15.1bn on 18 October. Its Ethereum balance represents about 4.9% of the stated 122.1 million-token supply.
Chairman Tom Lee said Bitmine had bought ETH every week since introducing its Ethereum treasury strategy on 30 June 2025. The latest purchase followed a reported balance of 6,028,946 ETH on 12 October.
Bitmine valued its Ethereum holdings at approximately $14.29bn using a reference price of $2,365. To own exactly 5% of the stated supply, it would need 6,105,000 ETH, leaving it 63,519 tokens short. The company describes itself as about 99% of the way towards that target, although Ethereum’s supply can change.
Ethereum was trading at about $2,422.48, up 0.50% over 24 hours but down 4.80% across the previous seven days. Its 20-day simple moving average stood at $2,544.70, creating resistance alongside the $2,500-$2,545 area.
Technical indicators put immediate support between $2,300 and $2,305, close to the lower Bollinger Band at $2,305.40. A sustained fall could bring $2,200 and then $2,000 into focus, while a rise above resistance could target $2,600 and later $2,780-$2,800. The Relative Strength Index was 39.65, below its 41.32 moving average but above the conventional oversold level of 30.
Bitmine reported 5,067,309 ETH staked, or 83.9% of its Ethereum holdings, worth nearly $12bn at its reference price. It estimated annualised revenue of approximately $309m from that balance, based on a 2.58% seven-day annualised staking yield.
If its entire Ethereum holding were staked through its Made in America Validator Network (MAVAN) and participating providers, the company projected annual rewards of about $369m. Those figures are estimates rather than earned revenue and depend on network conditions, validator performance, fees and operating costs.
The staked balance was unchanged from the previous disclosure, and Bitmine did not say how much of the latest purchase had entered staking. MAVAN was launched earlier in 2026 for Bitmine’s treasury and institutional clients.
The company also reported owning 215 Bitcoin, $582m in cash and marketable securities, a $180m investment in Beast Industries and a $74m stake in Eightco Holdings, which trades on Nasdaq as ORBS. Bitmine joined the Russell 1000 on 26 June 2026, while its Series A preferred stock trades on the New York Stock Exchange as BMNP.
Lee linked recent cryptocurrency selling pressure to weaker global technology shares, artificial intelligence financing concerns, geopolitical developments and bond yields, particularly in South Korea and Taiwan. He said blockchain financial infrastructure and artificial intelligence applications offered longer-term growth potential.
The company’s 7 October presentation, “Crypto Bull Underway This Cycle Likely the Largest”, also referenced the GENIUS Act and the SEC’s Project Crypto as potential influences on financial-services infrastructure.
