After purchasing an additional 12,535 tokens, Bitmine Immersion Technologies increased its Ethereum holdings to 6.04 million ETH, despite Ethereum struggling to reclaim $2,500 following recent market declines.
The company stated that after purchasing an additional 12,535 tokens this week, its Ethereum holdings increased to 6.04 million ETH.
The company reported that its combined holdings of cryptocurrencies, cash, securities, and strategic investments total $15.1 billion.
Despite a slight intraday rebound, Ethereum trading price remains near $2,422, with a weekly decline of approximately 4.8%.
Bitmine has currently staked 5.07 million ETH, accounting for approximately 84% of its disclosed Ethereum treasury holdings.
Technical indicators show that Ethereum faces resistance near $2,545, with short-term support around $2,300 per coin.
According to the company’s announcement on October 19, its combined valuation of cryptocurrencies, cash, tradable securities, and strategic investments was approximately $15.1 billion as of October 18.
The company listed on the NYSE disclosed holdings of 6,041,481 ETH, accounting for approximately 4.9% of Ethereum’s stated total supply of 122.1 million. Tom Lee, Chairman of Bitmine, stated that since adopting the Ethereum treasury strategy on June 30, 2025, the company has been consistently purchasing ETH on a weekly basis.
As of press time, Ethereum is trading at approximately $2,422.48, up 0.50% over the past 24 hours but down 4.80% over the last seven days. Amid Bitmine’s continued accumulation, Ethereum’s recent performance contrasts with this trend, bringing the company closer to its goal of holding 5% of the total ETH supply.
Bitmine's Ethereum holdings increased to 6.04 million ETH.
This increase occurred after the company’s update on October 12, when its ETH holdings were disclosed as 6,028,946. The difference between the two disclosures matches the number of ETH purchased in the most recent week.
Bitmine valued its Ethereum holdings using a reference price of $2,365 per coin in its October 19 announcement. At this price, its ETH holdings are approximately $14.29 billion, making up the majority of its disclosed $15.1 billion portfolio.
Based on the supply of 122.1 million ETH stated in the announcement, the company holds approximately 4.95% of Ethereum's supply. To precisely reach 5% with this fixed denominator, the holding must reach 6,105,000 ETH, meaning Bitmine is still 63,519 ETH short of its target.
Ethereum's supply is not permanently fixed, so the number of tokens required to maintain a 5% holding changes over time. Bitmine describes its progress as approximately 99% complete.
Earlier this October, crypto.news analyzed Bitmine’s holding targets, during which Tom Lee discussed potential actions the company might take after accumulating a 5% stake. The report noted that staking and treasury management could continue even after regular purchases eventually cease.
Bitmine has not announced that its weekly增持 plan has ended. Its October 19 statement reaffirmed additional purchases and reiterated Lee’s claim that the company has been buying ETH weekly since June 2025.
Ethereum's price remains below the 20-day moving average.
CoinGecko shows that ETH is trading near $2,422, with a daily trading volume of approximately $10.22 billion and a market capitalization of around $295.9 billion. Ethereum remains the second-largest cryptocurrency by market cap.
A seven-day decline of approximately 4.8% continues the downward trend following the pullback from the $2,700 to $2,800 range in October. The provided daily technical analysis shows the 20-day simple moving average at $2,544.70, indicating that Ethereum remains below this widely watched trend indicator.
The Bollinger Bands show an upper band of $2,784 and a lower band of $2,305.40 in the same chart snapshot. Ethereum is trading below the middle band, indicating that the recent rebound has not yet reversed the prior downtrend.
The Relative Strength Index is at 39.65, below its moving average of 41.32 and also below the neutral threshold of 50. Technical analysis suggests this reading indicates weak buying momentum, but it remains above the traditional oversold level of 30.
These indicators reflect the chart conditions at the time of analysis and do not imply that Ethereum will necessarily continue to decline; their values may change as new trading periods affect daily calculations.
The short-term support zone is between $2,300 and $2,305, near the lower Bollinger Band. If this level is convincingly broken, $2,200 may come into view; should selling pressure continue, the psychological key level of $2,000 could also be tested.
On the upside, the $2,500 to $2,545 range is viewed as a resistance zone, with the upper end near the 20-day moving average. A breakout above this level could bring $2,600 into view, followed by stronger resistance between $2,780 and $2,800.
As Ethereum's price rebounds recently, the market has also continued to monitor institutional accumulation and exchange liquidity. However, these developments alone do not prove that corporate treasury purchases caused any specific change in ETH's market price.
Bitmine has staked 5.07 million ETH, with an estimated annualized income of $309 million.
Staking remains an essential component of Bitmine's Ethereum treasury operations.
The company disclosed that, as of October 18, it had staked 5,067,309 ETH, representing approximately 83.9% of its total ETH holdings. Based on Bitmine’s reference price of $2,365, the staked balance is valued at nearly $12 billion.
In its October announcement, Bitmine estimated that its existing staking positions could generate approximately $309 million in annualized revenue. This calculation is based on a 7-day annualized staking yield of 2.58%, which may vary depending on Ethereum network conditions.
The company also separately estimates that if all of its Ethereum balance were staked through its Made in America Validator Network (MAVAN) and participating staking service providers, the annualized staking reward would be approximately $369 million. This estimate assumes the same 2.58% yield applies to the larger stakable balance.
These two projections describe different staking levels, not already earned income. Actual returns depend on validator performance, network rewards, fees, operational expenses, and the amount of ETH still staked.
In September, Bitmine's staking concentration drew attention due to issues with validator operations, withdrawal permissions, and reward distribution. At the time, the company disclosed a staking amount of 5,067,309 ETH, which is roughly consistent with the balance disclosed on October 19.
In early 2026, the company launched MAVAN to support its treasury and institutional clients. Bitmine states that the network now also serves additional investors, custodians, and ecosystem participants seeking Ethereum staking infrastructure.
Bitmine's $15.1 billion portfolio includes cash and strategic investments.
In addition to Ethereum, Bitmine disclosed several other holdings in its portfolio update on October 19.
The company holds 215 bitcoins, along with $582 million in cash and tradable securities. It also disclosed a $180 million investment in Beast Industries and owns $74 million worth of shares in Eightco Holdings, which trades on Nasdaq under the ticker ORBS.
Cash and investment positions, together with its cryptocurrency holdings, make up Bitmine's total of $15.1 billion. This total does not equate to the market capitalization of Ethereum alone.
Based on the referenced ETH price of $2,365 used by the company, the disclosed Ethereum position accounts for approximately $14.29 billion of the portfolio. Cash and tradable securities contribute $582 million, and the two disclosed strategic investments together contribute $254 million, excluding Bitcoin and any valuation adjustments.
These figures are based on assumptions as of the company's reporting date and may not equal the portfolio valuation calculated using real-time cryptocurrency prices afterward. Market fluctuations can alter the treasury value even without additional buys or sells.
According to the company announcement, Bitmine joined the Russell 1000 Large-Cap Index on June 26, 2026. Its Series A preferred shares trade on the New York Stock Exchange under the ticker symbol BMNP.
The previous milestone record of "6 million ETH" showed that Bitmine held 6,016,414 ETH on October 4. The figure on October 18 was 25,067 ETH higher than the previous balance.
Tom Lee attributes the cryptocurrency sell-off to weakness in global tech stocks.
Bitmine Chairman Tom Lee attributes the recent decline in investor risk appetite to concerns over AI funding, geopolitical developments, and bond yields.
Lee believes that when investors in the cryptocurrency market reduce risk in their portfolios, it may also lead to selling pressure in the cryptocurrency market. His comments reflect the company’s interpretation of recent price movements, not a proven causal explanation for Ethereum’s decline.
The chairman remains optimistic about the long-term prospects of digital assets, citing blockchain-based financial infrastructure and artificial intelligence applications as potential growth areas. He noted that Bitmine could benefit if market conditions improve, though the company’s projections do not specify when any recovery might occur.
On October 7, Bitmine released a presentation titled “Crypto Bull Underway — This Cycle Likely the Largest.” The document outlines Lee’s views on cryptocurrency cycles and the company’s position after continuously purchasing Ethereum for over 15 months.
Bitmine stated that the GENIUS Act and the U.S. Securities and Exchange Commission’s “Project Crypto” could drive changes in financial services infrastructure. The company has compared their potential significance to the early development of the international monetary system, but noted that this is merely management’s perspective.
The company's October 19 disclosure still shows ownership of 215 BTC and lists Eightco's market capitalization at $74 million. The disclosure did not announce any new Bitcoin purchases, nor did it indicate any change in Beast Industries' holdings during the latest reporting period.
Disclosure: This article does not constitute investment advice. The content and materials on this page are for educational purposes only.