Bitmine Buys 12,535 More Ether, Lifting Holdings Above 6.04 Million

Bitmine Immersion Technologies, the world’s largest corporate holder of Ether, bought another 12,535 ETH over the past week, lifting its total holdings to 6,041,481 ETH. That amounts to 4.9% of Ether’s circulating supply of 122.1 million tokens.

A PR Newswire release dated Oct. 19 said Bitmine’s digital-asset, cash, marketable securities and strategic investment assets totaled $15.1 billion. The portfolio includes 6.04 million ETH, 215 Bitcoin, $582 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $74 million stake in Aethir Holdings.

Based on an Ether price of $2,365, Bitmine’s ETH holdings are valued at about $14.3 billion. The company said it has reached 99% of its goal of securing 5% of total ETH supply and has bought Ether every week since launching its Ethereum treasury strategy on June 30 last year.

Bitmine has staked 5,067,309 ETH, worth about $12 billion at $2,365 per token. That represents 84% of its total holdings. Its annualized seven-day staking yield was 2.58%, and the company projected annual staking income of about $309 million. If all of its ETH were staked, the projected annual reward would rise to about $369 million.

Chairman Tom Lee said investors’ appetite for risk has weakened in recent weeks as concerns mounted over funding for artificial intelligence investments, the safety of AI models, an escalation in the war between the US and Iran, unease ahead of the US midterm elections, and rising global bond yields.

That backdrop triggered selling in AI-related stocks, including semiconductor and memory names. The pressure also spread to equity markets in South Korea and Taiwan, where those companies account for a large share of the market, Lee said.

Lee added that because crypto ownership is widespread in the US, South Korea and Taiwan, selling by investors in those regions tends to spill over into digital assets when they cut exposure to risk assets.

Still, Lee described the recent pullback as a buying opportunity. Past declines during periods of solid fundamentals have offered attractive risk-reward setups, he said. Crypto also stands to benefit from two growth drivers — the modernization of global financial infrastructure and agentic AI — and he said a similar pattern could emerge this time.

Lee also said Bitmine has strengthened its competitiveness over the past year despite a crypto bear market. That leaves the company positioned to outperform in the next expected crypto bull run.

Bitmine is currently the world’s largest Ethereum treasury company and remains the second-largest digital-asset treasury company globally after Strategy.