Bitmine Immersion Technologies said on Monday it holds 6,051,933 ETH, worth $14.3 billion at the $2,356 mark it used, bringing total crypto, cash and what it calls “moonshot” holdings to $15 billion. The company bought 10,452 ETH over the past week and repurchased 2.04 million of its own shares at an average of $22.48.
The figure to hold onto is not the $15 billion. Three weeks ago the same weekly release reported $17.4 billion against 6,016,414 ETH. Bitmine has added tokens every week since and lost $2.4 billion of stated value doing it.
BMNR has fallen 20.51% in a month to $22.40, a steeper drop than the 13.53% fall in ETH itself, leaving a $13.51 billion market value against $15 billion of stated holdings. Source: TradingViewThirty-Five Thousand More Tokens, $2.4 Billion Less Value
The 5 October release marked ETH at $2,726. Monday’s marked it at $2,356, a drop of 13.6%, and in between the token count rose by 35,519 ETH. Every dollar line moved the other way.
Cash and marketable securities fell from $643 million to $514 million. The stake in Eightco Holdings, one of the two “moonshots,” fell from $117 million to $76 million, a decline of 35%. Staked ETH rose from 5,067,309 tokens to 5,227,037 while the dollar value of that stake fell from $13.8 billion to $12.3 billion.
Bitmine bought ETH every week of October and still watched three of its four headline lines fall, because ETH dropped from $2,726 to $2,356 across the same stretch. Source: Bitmine weekly releases, 5 and 26 October 2026 · Chart: FinanceFeedsMonday’s $2,356 mark is already behind the market. ETH traded at $2,314.70 at 14:17 GMT, which is $41.30 below the price used in the release and roughly $250 million off the ETH line on 6.05 million tokens.
The Weekly Buy Has Slowed to 10,452 ETH
Last week’s 10,452 ETH is a fraction of what this program used to absorb. The company bought 15,112 ETH in the week to 4 October, and earlier in 2026 it was taking down 40,613, 50,928 and 60,976 ETH in single weeks.
Bitmine’s slowdown is deliberate at this point, and it holds 4.95% of the 122.2 million ETH supply and calls itself 99% of the way to the “Alchemy of 5%” target it set 15 months ago, leaving roughly 58,000 tokens to buy. At last week’s pace that is five or six more weekly purchases. FinanceFeeds covered the 6.03 million mark earlier in the month.
Investor Takeaway
Bitmine’s token count and its dollar value are now moving in opposite directions, so the headline total tracks the ETH price rather than anything the company did.
The Stock Trades Below the Value of What It Owns
BMNR closed at $22.40 for a market value of $13.51 billion, against the $15 billion of holdings the company reported on the same day. The stock changes hands at roughly nine tenths of what sits on its balance sheet, and it was quoted at $21.80 in pre-market trade on Monday.
A discount of that size is what makes the buyback work arithmetically rather than cosmetically. Repurchasing stock below the value of the assets behind it raises ETH per remaining share whatever the price paid, which is why the $22.48 average last week is a different question from the $17.48 average across 22.9 million shares and $399.6 million bought in 2026. FinanceFeeds covered the $350 million milestone when it was reached, and the published bull and bear cases were set when the stock was near $15.69.
The same discount closes the other door, and it explains a line in Lee’s own reasoning. A company trading under NAV cannot issue equity without diluting the ETH per share it exists to grow, which is the practical reason Tom Lee says halting purchases removes the need to keep raising money.
What Happens When Bitmine Stops Buying
Lee told Token2049 in Singapore on 7 October that Bitmine will halt purchases once it owns 5% of supply. BMNR fell 7% to $24.49 that day, Strategy dropped 5% and the iShares Ethereum Trust slipped 4%.
Bitmine has bought ETH every week since the treasury strategy began on 30 June 2025, which made it a standing source of demand for the asset its own balance sheet is built on. Lee has suggested selling staking yield to stop the holding drifting above the ceiling. Projected annualized staking rewards are now $368 million at full staking on a 2.58% seven-day yield, against $431 million and 2.63% on 5 October, so the projection lost $63 million while staked holdings grew.
Bitmine Holds Three Quarters of All Corporate Ether
BitcoinTreasuries data puts 28 tracked entities at 7,907,657 ETH worth $18.30 billion, of which Bitmine’s 6,041,481 tokens in that snapshot are 76.4%, a concentration that is easy to understate. Second-placed SharpLink holds 890,376 ETH, less than a seventh as much.
Bitmine reported $6.09 million of revenue in its last full year and employs seven people, which is the whole operating company underneath a $15 billion treasury. ARK Innovation ETF holds 1.83% of its portfolio in the stock. Lee reads the drawdown as bullish, noting ETH has fallen 13% from its peak against a 20% drop in US semiconductors, and the stock is down 20.00% for the year against ETH’s 21.56%.
Investor Takeaway
At 76.4% of all tracked corporate ether, Bitmine is close to a proxy for the entire trade, so there is no diversification inside the sector.