Bitmine Immersion Technologies, Inc. (NYSE: BMNR), the largest corporate holder of Ether (ETH), bought 12,532 ETH over the past week, raising its total holdings to 6,028,946 ETH. The purchase leaves the company roughly 76,000 ETH away from the 5% supply ceiling its chairman confirmed last week, after which it has said it will stop buying.
ETH is the native token of Ethereum, the second-largest blockchain network by market value. Bitmine is a digital asset treasury (DAT) company, a publicly listed firm that holds cryptocurrency on its balance sheet as its core strategy.
Bitmine ETH Holdings and Balance Sheet
In its October 12 holdings update, Bitmine said it held 6,028,946 ETH as of October 11 at 1:30 p.m. Eastern Time (ET). The company valued the tokens at $2,544 each, based on Coinbase pricing, putting the ETH position at about $15.3 billion.
The holdings equal ~4.9% of Ethereum’s total supply of 122.1 million tokens, the same denominator the company has used in its recent weekly disclosures. Bitmine reported combined crypto, cash, marketable securities, and “moonshots” of $16.2 billion. “Moonshots” is the company’s label for its strategic equity investments.
Besides ETH, the balance sheet includes:
- 214 Bitcoin (BTC)
- A $180 million stake in Beast Industries
- An $85 million stake in Eightco Holdings (NASDAQ: ORBS)
- $612 million in cash and marketable securities
Weekly ETH Purchases Slow as Target Approaches
The latest addition is smaller than in the two previous weeks. Holdings rose from 5,983,940 ETH on September 20 to 6,001,302 ETH on September 27, an increase of 17,362 ETH. The company then added 15,112 ETH in the week to October 4, which took its ETH holdings past 6.01 million.
Bitmine launched its Ethereum treasury strategy on June 30, 2025. Chairman Thomas “Tom” Lee has said the company has bought ETH every week since then.
Tom Lee Sets 5% as a Hard Cap
Speaking at TOKEN2049 in Singapore on October 7, Lee said 5% of Ethereum’s supply is a hard cap and that Bitmine will not hold more than that share. He estimated at the time that about 100,000 ETH remained to be bought.
Using the company’s 122.1 million supply figure, 5% equals about 6,105,000 ETH. After the latest purchase, that leaves roughly 76,054 ETH, based on The Crypto Times’ calculation.
The cap could still be tested without new purchases. Staking rewards add ETH to the balance over time. Lee has previously said the company could sell those rewards to keep its share from rising above 5%.
ETH Staking Through MAVAN
Staking is the process of locking ETH to help validate transactions on Ethereum’s proof-of-stake network in exchange for rewards. Bitmine stakes mainly through the Made in America Validator Network (MAVAN), a staking platform it built for its own treasury.
According to the October 12 update, Bitmine had 5,067,309 ETH staked, about 84% of its holdings, worth roughly $12.9 billion at $2,544 per ETH. The company projects current annualized staking revenue of about $336 million. With all its ETH staked, it estimates annual rewards of about $400 million, based on a recent seven-day yield of about 2.61%.
What the End of Buying Means
Once the cap is reached, one of the most consistent sources of weekly corporate demand for ETH since mid-2025 would stop. Bitmine has funded its purchases mainly by issuing equity, so ending the program would also reduce the need for new capital raises.
In its October 5 release, Lee said ETH declined 10% in the first nine months of 2026, while BMNR shares fell 3% over the same period. With purchases winding down, the company’s results will depend more on ETH’s price and staking income than on further accumulation.
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