Bitmine Buys 12,532 ETH, Lifting Holdings to 6.03 Million
Bitmine added 12,532 ETH (about $31.9M) last week and now holds 6,028,946 ETH, or 4.9% of supply, with 84% staked. It says about 100,000 more ETH reaches its 5% goal.
Bitmine Immersion Technologies (BMNR) bought 12,532 ETH last week, worth about $31.9 million, the company said on Monday, Oct. 12, at roughly 9:43 AM ET. Its total now stands at 6,028,946 ETH, or 4.9% of the 122.1 million ether in circulation.
Details
According to The Block, the stack is valued at about $15.3 billion at $2,544 per ETH. Some 5,067,309 ETH (about $12.9 billion), or 84% of holdings, is staked through Bitmine's MAVAN platform and partners. The firm projects $336 million in annualized staking revenue at a 2.61% seven-day annualized yield, rising to $400 million once everything is staked.
Beyond ether, Bitmine holds 214 BTC, a $180 million stake in Beast Industries, an $85 million investment in Eightco Holdings and $612 million in cash and marketable securities. Total crypto, cash and other investments came to $16.2 billion as of Oct. 11.
Chairman Tom Lee, as Decrypt reports, said the target is 5% of ether's supply (the "Alchemy of 5%") and that it needs "about 100,000 more ETH." He also said he sees potential for the "largest ever crypto bull market" — his opinion, not a market forecast.
What this means for the market
Bitmine is one of the most visible corporate buyers of ether. This week's $31.9 million is small next to a $15 billion stack, but the buying continues. If the company reaches 5% of supply, the pause Lee has signaled would remove that source of demand.
The staking share matters too: with 84% locked in the network, that ether cannot quickly reach an exchange. That is a structural supply factor, not a guarantee of higher prices. For the live ETH price see the Ethereum page; for the wider picture, the daily summary.
