Bitmine Immersion Technologies has raised its Ethereum holdings to 6.04 million ETH after buying another 12,535 tokens, even as Ethereum struggles to recover above $2,500 following its recent market decline.
Summary
- Bitmine increased its Ethereum holdings to 6.04 million ETH after purchasing another 12,535 tokens during the week.
- The company reported $15.1 billion in combined holdings, including cryptocurrency, cash, securities and strategic investments.
- Ethereum traded near $2,422 despite a modest daily recovery, with prices down approximately 4.8% weekly overall.
- Bitmine has staked 5.07 million ETH, representing nearly 84% of its reported Ethereum treasury holdings currently.
- Ethereum faces resistance near $2,545, while technical indicators place immediate downside support around $2,300 per token.
According to the company’s October 19 announcement, its combined cryptocurrency, cash, marketable securities and strategic investments were valued at approximately $15.1 billion as of October 18.
The NYSE-listed company reported owning 6,041,481 ETH, representing approximately 4.9% of Ethereum’s stated 122.1 million-token supply. Bitmine chairman Tom Lee said the company has continued purchasing ETH every week since adopting its Ethereum treasury strategy on June 30, 2025.
Ethereum was trading at approximately $2,422.48 at press time, gaining 0.50% in 24 hours while declining 4.80% over the preceding seven days. The cryptocurrency’s recent performance contrasted with Bitmine’s continued accumulation, which has brought the company close to its target of owning 5% of the total ETH supply.
Bitmine’s Ethereum holdings reach 6.04 million tokens
Bitmine’s latest purchase added 12,535 ETH to its treasury, raising its reported holdings to 6,041,481 tokens as of October 18 at 3 p.m. Eastern Time.
The acquisition followed the company’s October 12 update, which reported 6,028,946 ETH. The difference between the two reported balances matches the number purchased during the latest week.
Bitmine valued its Ethereum position using a reference price of $2,365 per token in the October 19 announcement. At that price, its ETH holdings were worth approximately $14.29 billion, accounting for most of its reported $15.1 billion portfolio.
The company owns approximately 4.95% of the 122.1 million ETH supply used in its announcement. At that fixed denominator, reaching exactly 5% would require holdings of 6,105,000 ETH, leaving Bitmine another 63,519 tokens short of the target.
Ethereum’s supply is not permanently fixed, so the number of tokens needed to maintain a 5% position can change over time. Bitmine describes its progress as approximately 99% of the way toward its ownership goal.
Earlier in October, crypto.news examined Bitmine’s ownership target after chairman Tom Lee discussed what the company might do once its accumulation program reaches 5%. The report identified staking and treasury management as activities that could remain after regular purchases eventually stop.
Bitmine has not announced that its weekly accumulation program has ended. Its October 19 statement confirms another purchase and repeats Lee’s claim that the company has bought ETH every week since June 2025.
Ethereum price remains below its 20-day moving average
Ethereum’s market performance remains weak despite the latest daily recovery.
CoinGecko shows ETH trading near $2,422, with approximately $10.22 billion in daily trading volume and a market capitalization of $295.9 billion. Ethereum remains the second-largest cryptocurrency by market value.
The seven-day decline of approximately 4.8% follows an October retreat from the 2,700–2,800 region. The supplied daily technical analysis identifies the 20-day simple moving average at $2,544.70, leaving Ethereum trading below a commonly watched trend indicator.
Bollinger Bands place the upper boundary at $2,784 and the lower boundary at $2,305.40 in the same chart snapshot. Ethereum’s position beneath the middle band indicates that the recent recovery has not yet reversed the preceding downward trend.
The Relative Strength Index stands at 39.65, below its moving average of 41.32 and the neutral threshold of 50. According to technical analysis, the reading indicates weak buying momentum while remaining above the conventional oversold threshold of 30.
The indicators describe the chart conditions at the time the analysis was prepared. They do not establish that Ethereum will decline further, and their values may change as new trading sessions affect the daily calculations.
The immediate support region lies between $2,300 and $2,305, close to the lower Bollinger Band. A sustained move below that area could bring $2,200 into focus, followed by the psychological $2,000 level if selling continues.
On the upside, the analysis identifies resistance between $2,500 and $2,545, with the latter corresponding closely to the 20-day moving average. A move above that region could place $2,600 in view, followed by stronger resistance between $2,780 and $2,800.
The recent Ethereum price recovery has been accompanied by continued attention to institutional accumulation and exchange liquidity. Those developments do not, by themselves, establish that buying by corporate treasury companies caused a particular change in ETH’s market price.
Bitmine stakes 5.07 million ETH as annual revenue projection reaches $309 million
Staking remains a significant part of Bitmine’s Ethereum treasury operations.
The company reported 5,067,309 ETH staked as of October 18, representing approximately 83.9% of its total ETH holdings. Using Bitmine’s $2,365 reference price, the staked balance was worth nearly $12 billion.
In its October announcement, Bitmine estimated that its existing staked position could generate approximately $309 million in annualized revenue. The calculation uses a seven-day annualized staking yield of 2.58%, which may change with Ethereum network conditions.
Bitmine separately projected approximately $369 million in annual staking rewards if its full Ethereum balance were staked through its Made in America Validator Network, known as MAVAN, and participating staking providers. The estimate assumes the same 2.58% yield across a larger eligible balance.
The two forecasts describe different staking levels, not revenue that has already been earned. Actual returns depend on validator performance, network rewards, fees, operating expenses and the amount of ETH that remains staked.
In September, Bitmine’s staking concentration became the subject of an examination of validator operations, withdrawal authority and reward distribution. At that time, the company reported 5,067,309 ETH staked, approximately the same balance disclosed on October 19.
The unchanged staked-token figure indicates that the latest weekly purchase did not produce a corresponding rise in the total amount reported as staked. Bitmine did not identify how much of the newly acquired 12,535 ETH had entered staking by the October 18 reporting cutoff.
The company launched MAVAN earlier in 2026 to support its treasury and institutional clients. Bitmine says the network now serves additional investors, custodians and ecosystem participants seeking Ethereum staking infrastructure.
Bitmine’s $15.1 billion portfolio includes cash and strategic investments
Beyond Ethereum, Bitmine disclosed several additional holdings in its October 19 portfolio update.
The company owned 215 Bitcoin, alongside $582 million in cash and marketable securities. It reported a $180 million investment in Beast Industries and a $74 million stake in Eightco Holdings, which trades on Nasdaq under the ticker ORBS.
The cash and investment positions form part of Bitmine’s combined $15.1 billion figure, together with its cryptocurrency holdings. The total is not equivalent to the market value of Ethereum alone.
At the company’s $2,365 ETH reference price, the reported Ethereum position accounts for approximately $14.29 billion of the portfolio. Cash and marketable securities contribute $582 million, while the two identified strategic investments contribute $254 million before accounting for Bitcoin and any valuation differences.
These figures use the company’s reporting-date assumptions and may not equal a later portfolio valuation based on live cryptocurrency prices. Market movements can alter the value of the treasury even without additional purchases or sales.
Bitmine joined the Russell 1000 large-cap index on June 26, 2026, according to its company announcement. Its Series A preferred stock trades on the New York Stock Exchange under the ticker BMNP.
A previous six-million-ETH treasury milestone recorded Bitmine’s October 4 holdings at 6,016,414 ETH. The October 18 figure is 25,067 ETH higher than that earlier balance.
Tom Lee links crypto selling to weakness in global technology stocks
Bitmine chairman Tom Lee attributed the recent decline in investors’ appetite for risk to concerns involving artificial intelligence financing, geopolitical developments and bond yields.
In the October 19 statement, Lee said investors had reduced exposure to technology shares, including semiconductor and memory companies, as uncertainty affected global markets. He identified South Korea and Taiwan as markets where technology-sector weakness had been especially relevant.
Lee argued that cryptocurrency markets can experience selling pressure when investors in those markets reduce risk across their portfolios. His comments represent the company’s interpretation of recent price movements, not a demonstrated causal breakdown of Ethereum’s decline.
The chairman maintained a positive longer-term outlook for digital assets, citing blockchain-based financial infrastructure and artificial intelligence applications as areas of potential growth. He said Bitmine expected to benefit if market conditions improved, although the company’s forecast does not establish when any recovery might occur.
On October 7, Bitmine released a presentation titled “Crypto Bull Underway — This Cycle Likely the Largest.” The document set out Lee’s view of the cryptocurrency cycle and the company’s positioning after more than 15 months of Ethereum purchases.
Bitmine said the GENIUS Act and the SEC’s Project Crypto could contribute to changes in financial services infrastructure. It compared their potential significance with earlier developments in the international monetary system, while presenting the comparison as management’s view.
The company’s October 19 disclosure retained a holding of 215 BTC and identified Eightco’s market value at $74 million. It did not announce a new Bitcoin acquisition or a change to the number of shares held in Beast Industries during the latest reporting period.
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