BitMine buys 12,532 ETH as it nears 5% of Ethereum supply
BitMine Immersion Technologies purchased 12,532 ETH in the week ending October 11, 2026, at a reference price of $2,544 per token. Its holdings reached 6,028,946 ETH, about 4.9% of an estimated 122.1 million ETH supply, leaving roughly 76,054 ETH to reach 5%. The company's total crypto assets, cash, and strategic investments fell from $17.4 billion to $16.2 billion over the week, even as it staked 5,067,309 ETH and estimated $336 million in annualized revenue.
BitMine's latest weekly purchase was 12,532 ETH, valued at about $31.9 million using its $2,544 reference price. The company reported 6,028,946 ETH held, equal to roughly 4.9% of an estimated 122.1 million tokens. At that supply level, another 76,054 ETH would be needed to reach 5%; at the reference price, that equals about $193.4 million.
The portfolio decline occurred even as ETH's reference price dropped from $2,726 to $2,544, a roughly 6.7% weekly fall. BitMine also cited lower values for its Eightco Holdings stake, $85 million versus $117 million, while cash and marketable securities slipped to $612 million from $643 million. It staked 5,067,309 ETH and estimated $336 million in annualized revenue.
BitMine's large Ethereum position could influence perceptions of institutional adoption and network concentration. If a single company controls nearly 5% of supply and stakes most of it, Ethereum's decentralization and staking dynamics may draw closer scrutiny. BMNR shareholders could face amplified exposure to ETH price swings, as the recent $1.2 billion reported asset-value decline suggests. Other crypto investors may treat the company's accumulation pace as a sentiment indicator, though outcomes remain uncertain.