7h05 ▪ 7 min read ▪ by Ariela R.
Summarize this article with:
In the week ending October 11, 2023, BitMine Immersion Technologies (NYSE: BMNR) purchased 12,532 ETH for an indicative value of 31.9 million dollars. However, the releases from October 5 and 12 reveal a very different reality: the total value of the company’s crypto assets, cash, and strategic holdings dropped from 17.4 to 16.2 billion dollars in one week. This development illustrates a key distinction: accumulating Ethereum crypto-assets does not guarantee an increase in portfolio value.
In brief
- BitMine purchased 12,532 ETH in the week ending October 11, 2026, at a reference valuation of $2,544 per ETH.
- Its reserves reach 6,028,946 ETH, or 4.9% of a supply estimated at 122.1 million ETH.
- The announced total value of its crypto assets, cash, and holdings falls from $17.4B to $16.2B in one week.
- At constant supply, 76,054 ETH theoretically separate BitMine from the 5% threshold, according to our calculations.
- The company has staked 5,067,309 ETH and estimates annualized revenues of $336M, based on a recent yield of 2.61%.
How many ETH does BitMine lack to reach 5% of the global Ethereum supply?
As of October 11, 2026, BitMine held 6,028,946 ETH. This represents 4.9% of the supply estimated at 122.1 million tokens, according to its press release on October 12. At constant quantity, the threshold corresponds to 6,105,000 ETH. Hence, the company theoretically lacks 76,054 ETH.
However, this calculation differs from Tom Lee’s rounded estimate. In his monthly message on October 7, the president of BitMine mentioned about 100,000 additional ETH before the end of the Ethereum accumulation phase. The gap can be explained notably by :
- the rounding used by the executive ;
- the evolution of crypto holdings between the two dates.
Based on an ETH price of $2,544, the 76,054 missing tokens would represent about $193.4 million. However, this is an estimate based on the reference price used by BitMine, not the guaranteed future cost of crypto acquisitions.
The company claims to have purchased Ethereum every week since launching its cash strategy on June 30, 2025. According to it, the program has thus been realized to 99%. In its October message, Tom Lee even indicates that BitMine is approaching the end of this Ethereum accumulation phase. The exact timing of the last purchase is, however, not established.
Why does BitMine lose $1.2 billion in valuation despite its crypto purchases?
The total value of BitMine’s crypto assets, cash, and strategic holdings declined from 17.4 billion dollars on October 4 to 16.2 billion dollars on October 11, 2026. The decrease thus amounts to 1.2 billion dollars, or about 6.9% in one week.
The main explanation lies in the value of Ethereum. The reference price used by BitMine actually fell from $2,726 on October 4 to $2,544 on October 11. This represents a decline of about 6.7%. This drop occurs despite the purchase of an additional 12,532 ETH.
Other holdings also impacted the valuation. BitMine notably values its stake in Eightco Holdings at 85 million dollars on October 11, compared to 117 million dollars a week earlier. The company also holds a declared stake of 180 million dollars in Beast Industries. Its cash and marketable securities stand at 612 million dollars, compared to 643 million dollars on October 4.
| Indicator | October 4, 2026 | October 11, 2026 |
| ETH held | 6,016,414 | 6,028,946 |
| Reference price of ETH | $2,726 | $2,544 |
| Cash and marketable securities | $643M | $612M |
| Participation in Eightco | $117M | $85M |
| Total declared assets, cash, and holdings | $17.4B | $16.2B |
Ethereum purchases slow down as the 5% threshold approaches
BitMine bought 53,501 ETH in the week ending August 30, 2026, compared to only 12,532 ETH in the week ending October 11. According to our calculations, the decline reaches about 76.6% over six weeks.
This comparison, however, does not imply that the company stopped accumulating. It declared that it has continued its purchases every week since launching its “Alchemy of 5%” program. The slowdown also seems consistent with the proximity of the announced goal. However, it is not sufficient to prove that Ethereum purchases will stop immediately after the next publication.
| Release date | ETH bought during period | Total held |
| August 31, 2026 | 53,501 | 5,901,112 |
| September 8, 2026 | 28,086 | 5,929,198 |
| September 14, 2026 | 27,180 | 5,956,378 |
| September 28, 2026 | 44,924 over two weeks | 6,001,302 |
| October 5, 2026 | 15,112 | 6,016,414 |
| October 12, 2026 | 12,532 | 6,028,946 |
Tom Lee presents the strategy as a means to accumulate a significant share of the Ethereum supply before a possible new bullish phase. This interpretation obviously belongs to BitMine’s management. It neither proves that the Ethereum price will rise nor that BMNR’s stock will evolve in the same proportions.
The accumulation of most of our 6 million ETH took place during a bear market, and as the company approaches its 5% ETH accumulation target, we believe it is well positioned heading into the next bull market.
Tom Lee, Chairman of Bitmine Immersion Technologies, company statement October 12, 2026.
Ethereum staking represents 84% of BitMine’s reserves
As of October 11, BitMine declared to have staked 5,067,309 ETH in staking. This represents about 84% of its 6,028,946 ETH. At the reference price of $2,544, this amount represented about 12.9 billion dollars.
That’s not all! BitMine also estimates its annualized staking revenues at 336 million dollars, based on an annualized yield of 2.61% calculated from the last seven days. At full scale, the company projects annualized revenues of 400 million dollars if its holdings were fully staked by MAVAN and its partners.
One thing is certain: BitMine seems to be approaching the end of its “Alchemy of 5%” program. Expected around October 19 (if the publication pace continues), the next weekly update will allow verification of the volume of new purchases and the valuation retained for Ethereum. Story to follow…
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Ariela R.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
DISCLAIMER
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.