Tom Lee’s Bitmine Nears 5% of Ether Supply, Trims Weekly Buy to 12,532 ETH

Bitmine Immersion Technologies (NYSE: BMNR) held 6,028,946 ETH as of Oct. 11, the Ethereum treasury company said in a press release on Monday. That stake works out to about 4.9% of ether’s 122.1 million supply, roughly 76,000 ETH below the 5% target Bitmine has chased since launching its ETH treasury strategy on June 30, 2025.

The firm added 12,532 ETH during the week. That compares with 15,112 ETH in its previous update and 17,362 ETH the week before that, making this the third consecutive week of smaller purchases.

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Bitmine valued its crypto, cash, marketable securities and “moonshot” stakes at $16.2 billion combined, compared with $17.4 billion a week earlier. Its ETH count grew, so the decline in part came from price declines: the company marked ether at $2,544, using Coinbase pricing, versus $2,726 in the prior update.

Outside of ether, Bitmine reported 214 bitcoin, a $180 million position in Beast Industries, an $85 million position in Eightco Holdings (NASDAQ: ORBS) and $612 million in cash and marketable securities. The Eightco stake had been listed at $117 million the week before.

Staked ETH sat at 5,067,309 tokens, the same figure Bitmine gave last week. Bitmine Chairman Tom Lee projected $400 million in annualized staking rewards once all of its ETH is staked, based on a 2.61% seven-day yield, against $336 million at the current level.

Lee used the release to argue that Bitmine is set up for a rally he expects. With the company close to its target, he said, “we believe the company is attractively positioned ahead of the coming crypto bull.” Pointing to tokenization, wealth transfer, digital asset treasuries holding supply off the market and AI, he added that “we see the potential for this to be the largest ever crypto bull market.”

He also said Bitmine’s shares fell 3% over the first nine months of 2026 while ether dropped 10%. BMNP, the 9.5% perpetual preferred stock Bitmine filed to offer in June, most recently closed at $99.53, up from its $80 issue price, according to the release.

In May, Lee said Bitmine might ease its ether purchases as it approached the 5% mark. For comparison, Bitmine reported buying 53,501 ETH in its Aug. 31 update.

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