Tom Lee’s BitMine Buys More Ethereum, Now Holds 4.9% of ETH Supply

Highlights:

• BitMine bought another 12,535 ETH, bringing its holdings to 6.04 million tokens, nearly 5% of Ethereum’s supply.
• The company has staked over 5 million ETH and estimates roughly $309 million in annual rewards.
• BitMine’s portfolio value fell to $15.1 billion as Ethereum declined, but Chairman Tom Lee remains optimistic.

Tom Lee’s BitMine Immersion Technologies has bought another 12,535 Ethereum (ETH), bringing its total holdings to 6.04 million tokens. The company now owns about 4.9% of Ethereum’s total supply. Meanwhile, its combined crypto, cash, marketable securities, and other investments are valued at $15.1 billion.

In an October 19 announcement, BitMine confirmed that it held 6,041,481 ETH as of October 18. Chairman Tom Lee said the company continued buying Ethereum despite recent market weakness and remains focused on acquiring 5% of the cryptocurrency’s total supply.

BitMine Adds 12,535 ETH, Holdings Rise to 6.04M ETH

BitMine said it acquired 12,535 ETH over the past week, bringing total holdings to 6,041,481 ETH, or about 4.9% of Ethereum’s 122.1 million supply. The company has 5.07 million ETH staked, while its total crypto, cash,… pic.twitter.com/kQE0mwWxto

— Wu Blockchain (@WuBlockchain) October 19, 2026

BitMine Adds 12,535 ETH as Total Holdings Reach 6.04 Million

BitMine’s latest purchase increased its Ethereum holdings from 6,028,946 ETH on October 11 to 6,041,481 ETH on October 18. The company has continued adding ETH almost every week since launching its Ethereum treasury strategy on June 30, 2025.

According to the announcement, BitMine valued its ETH holdings using a price of $2,365 per token. Its broader portfolio also included 215 Bitcoin, $582 million in cash and marketable securities, and investments in other companies.

Among those investments were a $180 million stake in Beast Industries and a $74 million stake in Eightco Holdings (NASDAQ: ORBS). BitMine refers to these investments as its “moonshots.” However, the total reported value of its holdings fell from $16.2 billion on October 12 to $15.1 billion this week. The decline came as Ethereum’s reference price dropped from $2,544 to $2,365. Its cash and marketable securities also decreased from $612 million to $582 million.

Despite the lower portfolio value, BitMine remains the largest publicly traded Ethereum treasury company. Its next target is to reach 5% of ETH’s total supply, a goal the company calls the “Alchemy of 5%.” Based on the reported supply of 122.1 million ETH, that target would require roughly 6.105 million tokens.

BitMine Stakes Over 5 Million ETH to Earn Rewards

Alongside its purchases, BitMine is using much of its Ethereum holdings to generate staking rewards. The company reported 5,067,309 staked ETH as of October 18, worth approximately $12 billion.

The company said about 84% of its ETH is currently staked. Based on its reported seven-day staking yield of 2.58%, BitMine estimates annualized staking revenue of approximately $309 million. Lee added that annual staking rewards could reach $369 million if the company eventually stakes all its ETH through its own platform and partners. However, the estimates depend on staking yields and are not guaranteed earnings.

Earlier this year, BitMine launched MAVAN, or Made in America Validator Network, to support its staking operations. The platform also serves institutional investors, custodians, and other Ethereum participants.

Tom Lee Remains Bullish Despite Recent Crypto Market Decline

Meanwhile, BitMine Chairman Tom Lee remains optimistic about the broader cryptocurrency market despite recent selling pressure. Lee attributed the recent weakness to several factors, including concerns about artificial intelligence funding, the US-Iran conflict, upcoming US midterm elections, and rising global bond yields.

He said investors have become more cautious, putting pressure on technology stocks and cryptocurrency markets. Selling in South Korea and Taiwan has also added to the weakness. However, Lee believes falling prices could create opportunities when the underlying fundamentals remain strong.

He said crypto’s growing role in financial infrastructure and artificial intelligence could support future demand. Still, his bullish outlook remains a forecast rather than a confirmed market recovery. 

At the time of writing, Ethereum was trading at $2,420, up 0.21% in the past 24 hours. The cryptocurrency remains about 51.1% below its all-time high of $4,953, according to CoinMarketCap.