Bitmine Immersion Technologies added 15,112 ETH in its latest weekly buy, lifting its ether treasury to 6,016,414 coins as of October 4, roughly 4.9% of Ethereum’s 122.1 million supply and within reach of its stated goal of holding 5%. At the company’s $2,726 reference price, the position is worth about $16.4 billion.
The purchase extends a weekly accumulation strategy the company has run since June 30, 2025. The pace has picked up materially in recent weeks: the treasury stood at 6,001,302 ETH in late September, 5.81 million in early August, and 4.2 million during the spring. Two weeks of buying added nearly 200,000 coins, more than the company bought in some entire quarters earlier in the program.
The company also disclosed an $11.6 billion total asset figure in its August report, counting 209 bitcoin, a $180 million stake in Beast Industries, a $69 million position in Eightco Holdings, and $104 million in cash and marketable securities alongside the ether. The ether book dwarfs all of it. This is a single-asset company with a ticker, not a diversified fund that happens to like ETH.
| Bitmine ETH treasury timeline | Holdings | Share of supply |
|---|---|---|
| August 9 | 5.81M ETH | 4.8% of 120.7M |
| Late September | 6.00M ETH | – |
| October 4 | 6.02M ETH | 4.9% of 122.1M |
| Staked portion | 5,067,309 ETH | 84% of treasury |
Most of the stack is locked in staking
The company runs 5,067,309 ETH through its MAVAN platform and outside staking partners, worth roughly $13.8 billion at the reference price. That share of the treasury stayed flat across the last two updates, so new buys are sitting liquid for now rather than going straight to validators.
The staked book throws off a 2.63% seven-day annualized yield, which the company projects into roughly $363 million of annual staking revenue under current assumptions. The dollar figure has crept up as the treasury grows even though the yield itself barely moved, holding between 2.62% and 2.63% across the September updates. Bitmine also continues a share buyback alongside the coin purchases, a combination that has drawn attention from analysts tracking how treasury vehicles balance per-share value against raw accumulation, since dilution funds buys that could also fund repurchases and the market prices both.
Why the 5% line matters
Bitmine set out to own 5% of ether supply and is one weekly buy from crossing it. The threshold is not a licensing cliff, but concentration still changes market mechanics. More than 5% of a major asset held by one company, plus 5.07 million coins already committed to staking, means a large share of network settlement activity routes through a single counterparty’s validators, with all the governance, outage and slashing questions that implies for a chain that processes billions in daily transactions.
It also raises the mirror question for the market. Treasury vehicles are buyers when their paper trades at a premium and can become sellers when leverage turns, the same failure mode banking analysts flagged for the whole sector in July. Bitmine has so far bought through the August and September drawdowns without pausing, which its supporters cite as proof of long-term intent and its skeptics cite as money that will eventually have to be recycled back into listed shares.
“Bitmine has staked more ETH than other entities in the world,” chairman Tom Lee said in an earlier update, projecting annualized staking rewards above $290 million at scale.
Context: ether funds and the treasury race
Bitmine is not the only large accumulator, but it is the most aggressive. Corporate rivals hold far smaller stacks, and spot ether ETFs have been net losers for six straight sessions through early October, with one issuer’s fund responsible for most of this week’s $202 million outflow day. That gap, between institutional funds trimming and one corporate treasury buying five figures of ETH a week, is the clearest split in the ether market right now, and it shows two institutional cohorts reading the same asset in opposite ways over the same weeks.
The supply math keeps the debate alive. Ethereum’s total supply has drifted up from 120.7 million in August to 122.1 million in the company’s own reference figures, an annualized issuance pace that fee burn and heavier staking participation have only partly checked. Rising supply means Bitmine’s fixed purchase schedule buys a shrinking share per week, which is one likely reason the pace accelerated. Both effects favor whoever holds through the next cycle, and both are arguments without a settled answer yet.
What happens at 5%
The practical effect of crossing the line is mostly narrative, not mechanical. There is no regulator treating a 5% holding in a commodity-like asset as a trigger, and bitcoin has no equivalent milestone on the corporate side. But concentration above that level becomes a talking point in every liquidity and decentralization debate, and the company has leaned into the milestone rather than downplaying it. Executives have framed the target as proof their model works and have invited comparisons to Strategy’s bitcoin playbook, which passed its own supply-share thresholds years ago without incident.
For now the accumulation continues on schedule. Another week of buys at the recent pace puts the company past 5% of a network that settles several billion dollars of economic value a day, and that sets up the question investors actually care about: whether the buying stops there, or whether the stated goal was a floor rather than a ceiling.