BitMine added 12,532 Ethereum (ETH) to its treasury in the week ending Oct. 11, marking its third consecutive small weekly purchase as Chairman Tom Lee declared the company is largely finished accumulating the asset.
The latest addition brings BitMine's total holdings to 6,028,946 ETH, which accounts for 4.9% of the total 122.1 million ETH supply. This acquisition follows earlier reports where BitMine expanded its Ethereum treasury with larger weekly buys.
Decelerating Buys and $336 Million Staking Yield
The 12,532 ETH purchase shows a continued drop from the 15,112 ETH acquired during the week ending Oct. 4 and the 17,362 ETH bought the week prior. BitMine priced its ether at $2,544 per token based on Coinbase prices, bringing its total crypto, cash, and equity assets to $16.2 billion. Cash and marketable securities dropped from $643 million to $612 million over the week, a change BitMine did not explain in its release.
BitMine currently has 5,067,309 ETH staked, representing 84% of its overall balance. Chairman Tom Lee projected $336 million in annual yield revenue from these staked holdings based on a 2.61% seven-day yield. He noted that annual revenue will reach $400 million once all company ether is staked.
Tom Lee Says Stacking Is Done
In an SEC transcript filed on Oct. 7 from a video message, Lee explained that BitMine accumulated its ETH balance over 15 months during a bear market. "So we need to get about 100,000 more ETH, and that's about it," Lee said, stating that BitMine is done stacking while a bull market begins.
Key details from BitMine's operations include:
- Weekly Purchase: 12,532 ETH acquired in the week to Oct. 11.
- Total Treasury: 6,028,946 ETH (4.9% of circulating supply).
- Share Buyback: Repurchased 21 million shares for $350 million between July 14 and August 17.
- Preferred Shares (BMNP): Issued 3.5 million shares of 9.5% perpetual preferred stock at $80 on June 10, which last closed at $99.53 with a 9.56% yield.
While BitMine has purchased ETH every week since launching its strategy on June 30, 2025, forward-looking statements in the latest release confirm management's view that buying is nearly finished.
Why It Matters
BitMine's deceleration marks a shift from active treasury growth to cash flow extraction through staking. By reaching nearly 5% of Ethereum's total supply, BitMine has established one of the largest corporate crypto reserves in history. The end of its weekly buying program removes a predictable source of spot demand, shifting market attention to how effectively BitMine generates its projected $400 million annual staking yield.
