Bitmine Buys 12,532 ETH, Holdings Reach 4.9% of Supply as Tom Lee Signals End to Accumulation
Bitmine acquired 12,532 ETH last week, bringing holdings to 6,028,946 ETH (4.9% of supply), with Chairman Tom Lee stating the firm needs about 100,000 more ETH to hit its 5% target and will then stop buying.
Why it matters
Bitmine is the largest corporate holder of Ethereum and its approach to the 5% supply target marks a milestone in institutional ether accumulation. The firm's stated intent to cease purchases upon reaching that target removes a consistent weekly buyer from the market. The declining weekly purchase pace and the gap between current ETH valuation ($2,544) and average cost ($3,324) indicate the position carries a substantial unrealized loss.
Where the sources disagree
Current annual staking revenue
$336 million annually at current staking level
Unchained, CryptoPotato
$400 million annually once fully staked
Unchained, CryptoPotato, Crypto News (CryptoNews.net), Crypto News (CryptoNews.net)
Unchained and CryptoPotato cite $336 million at current staking levels, while other sources only mention the $400 million fully-staked projection
Unrealized loss on ETH position
$4.8 billion unrealized loss, average cost $3,324
CoinGape
Not reported
Decrypt, CoinDesk, Unchained, Bitcoin Insider, CryptoPotato, Crypto News (CryptoNews.net), Crypto News (CryptoNews.net)
Only CoinGape reports an unrealized loss of $4.8 billion based on DropsTab data with an average cost of $3,324; other sources do not mention this figure
Figures that do not reconcile
Found by comparing the numbers in the reports automatically. They are differences, not yet confirmed to be about the same thing.
reported value
$31.9 million
Decrypt
$41 million
CoinGape
Decrypt reports $31.9 million, CoinGape reports $41 million (22% apart).
reported value (stake)
$180 million
Decrypt
$117 million
Unchained
Decrypt reports $180 million, Unchained reports $117 million (35% apart).
reported value
$41 million
Decrypt
$32 million
CoinDesk
Decrypt reports $41 million, CoinDesk reports $32 million (22% apart).
reported value (last)
$41 million
CoinGape
$32 million
CoinDesk
CoinGape reports $41 million, CoinDesk reports $32 million (22% apart).
reported value (bitmine bought)
12,532 ETH
CoinDesk
17,362 ETH
CryptoPotato
CoinDesk reports 12,532 ETH, CryptoPotato reports 17,362 ETH (28% apart).
reported market figure (bitmine supply)
12,532 ETH
Unchained
15,112 ETH
CryptoPotato
Unchained reports 12,532 ETH, CryptoPotato reports 15,112 ETH (17% apart).
reported value (last)
15,112 ETH
CoinGape
12,532 ETH
CoinDesk
CoinGape reports 15,112 ETH, CoinDesk reports 12,532 ETH (17% apart).
reported value
15,112 ETH
CoinGape
17,362 ETH
CryptoPotato
CoinGape reports 15,112 ETH, CryptoPotato reports 17,362 ETH (13% apart).
Key facts
Bitmine acquired 12,532 ETH in the week ending October 11, 2026
12,532 ETHDisputed figureReported by Decrypt
Total ETH holdings reached 6,028,946 ETH, representing 4.9% of the 122.1 million ETH supply
6,028,946 ETHReported by Decrypt
Tom Lee stated the firm needs about 100,000 more ETH to reach its 5% supply target
100,000 ETHReported by Decrypt
Tom Lee said Bitmine will stop buying ETH after reaching the 5% target
Reported by Decrypt
Bitmine valued its ETH at $2,544 per token using Coinbase pricing
2,544 USDReported by Decrypt
Staked ETH stands at 5,067,309 tokens, approximately 84% of holdings
5,067,309 ETHReported by CoinGape
What happened
Bitmine Immersion Technologies purchased 12,532 ETH in the week ending October 11, raising its total to 6,028,946 ETH, which represents 4.9% of Ethereum's 122.1 million token supply. Chairman Tom Lee said the company is 99% of the way to its self-declared 'Alchemy of 5%' goal and needs roughly 100,000 more ETH, after which it will be 'done stacking.' The firm valued its ETH at $2,544 per token using Coinbase pricing, placing its total crypto, cash, marketable securities and moonshot stakes at $16.2 billion. Weekly purchase sizes have declined for three consecutive weeks: 17,362 ETH, then 15,112 ETH, then 12,532 ETH. Lee projected that fully staking the holdings could yield $400 million annually at a 2.61% seven-day rate, up from $336 million at current staking levels. Lee also cited IRS and Fundstrat estimates of a $1.5 trillion to $2 trillion wealth transfer between 2026 and 2028 as a bull market catalyst. One outlet reported an unrealized loss of $4.8 billion on the ETH position at an average cost of $3,324. The company completed a $350 million share buyback on August 17 and has issued 9.5% perpetual preferred stock (BMNP) to fund operations.
How the story developed
- Update
Bitmine purchases 17,362 ETH in week ending approximately October 1
Third week prior to latest report
- Update
Bitmine purchases 15,112 ETH in week ending October 4
Second week prior to latest report
- Official statement
Tom Lee files video message transcript with SEC
Chairman's message titled 'Crypto Bull Underway — This Cycle Likely the Largest' filed October 7
- First report
First report by Decrypt
Bitmine Adds $32M in Ethereum as Tom Lee Says Firm Is Nearly 'Done Stacking'
- Independent corroboration
Independently corroborated by CoinGape
Bitmine Adds 12,532 ETH as Tom Lee Predicts BMNR To Outperform Crypto Market
- Official statement
Bitmine added to Russell 1000 Large-cap index
Index inclusion announced
- Official statement
Bitmine launches ETH treasury strategy
Strategy began on June 30, 2025 per company statements
- Official statement
Bitmine completes share buyback program
Repurchased 21 million shares for $350 million from July 14 to August 17
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 12 Oct 2026, 13:33 UTC: Decrypt — 1 independent source, 1 reports
- 12 Oct 2026, 13:39 UTC: CoinGape — 2 independent sources, 2 reports
- 12 Oct 2026, 15:27 UTC: CoinDesk — 3 independent sources, 3 reports
- 12 Oct 2026, 16:18 UTC: Unchained — 4 independent sources, 4 reports
- 12 Oct 2026, 17:30 UTC: Bitcoin Insider — 5 independent sources, 5 reports
- 12 Oct 2026, 23:48 UTC: CryptoPotato — 6 independent sources, 6 reports
Affected entities
Also mentioned: U.S. Securities and Exchange Commission, United States, Internal Revenue Service, Robinhood, Chainlink, Federal Reserve, Solana
Original sources
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