Bitmine buys 12,532 ether, reaching 4.9% of supply

Bitmine Immersion Technologies bought 12,532 ether last week, worth roughly $32 million at the price cited in the report, lifting its holdings to 6,028,946 ETH — about 4.9% of the token's 122.1 million supply. CoinDesk reported the purchase on Oct. 12, 2026.

For allocators holding ether or ether-linked products, a single corporate treasury now holds roughly a twentieth of the token's supply. Bitmine's listed equity, BMNR, is not the same exposure as the token itself: the share price tracks the company's treasury policy, including the 5% accumulation cap, while ether does not. Bitmine has staked about 5.07 million ETH, 84% of its holdings, so the equity wraps a staking business alongside the tokens.

The company is about 76,000 ETH short of its stated 5% goal. At last week's purchase pace, that gap closes in roughly six weeks, CoinDesk calculated. Chairman Tom Lee said last week that Bitmine plans to stop accumulating ether once it reaches 5%, and the company said it has bought every week since pivoting to an ether-focused strategy in June 2025.

Bitmine projects roughly $336 million in annualized staking revenue at current yields, per CoinDesk — a projection rather than a realized figure. At the same price, the stack was worth about $15.3 billion.

Whether Bitmine keeps buying after the 5% cap, or how it deploys the staked balance, remains open.