BitMine Slows ETH Buys Amid Bull Market, Stacking Complete

Overview

BitMine, a cryptocurrency investment firm, has reduced its weekly Ethereum buys to 12,532, marking the third consecutive small purchase. The company's treasury now holds 6,028,946 ETH, or 4.9% of the 122.1 million ETH in supply.

Market Update

The company's purchase followed the 15,112 ETH BitMine added in the week to October 4, and the company bought 17,362 ETH the week before that. BitMine Is Done Stacking The company marked its ETH at $2,544 per token, using Coinbase prices. At those levels, its crypto, cash, and equity stakes total $16.2 billion.

Staking Strategy

BitMine reported 5,067,309 ETH staked, or 84% of its ether. Chairman Tom Lee projected $336 million a year in revenue from that staked ether, based on a 2.61% seven-day yield. He said that would rise to $400 million once all of the company's ether is staked.

Guidance

Lee said in May that BitMine had slowed its ETH accumulation to reach the 5% target in late 2026 instead of mid-July. He returned to that target in a video message whose transcript BitMine filed with the SEC on October 7. In that message, Lee said BitMine built its position in 15 months, during a bear market. 'So we need to get about 100,000 more ETH, and that's about it,' Lee said. He then said BitMine is done stacking while a bull market starts.

Forward-Looking Statements

Monday's release still says BitMine has bought ETH every week since its treasury strategy began on June 30, 2025. The same release, in its note on forward-looking statements, cites a management statement that the company is largely finished buying ETH. Buyback Ended on August 17 In that same message, Lee said that BitMine started buying back its own shares on July 14, when the company repurchased 21 million shares for $350 million and completed the program on August 17. None of the weekly updates BitMine has filed since then report a repurchase.

Funding

BitMine also raised money this year through its 9.5% perpetual preferred stock, which trades as BMNP. BitMine had planned the preferred stock offering to fund more Ethereum buying, among other uses. It sold 3.5 million shares at $80 each on June 10. Those preferred shares last closed at $99.53, and Lee put their current yield at 9.56.