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Freedom251 › Blog › Bitmine

Bitmine Buys $41M More Ethereum, Reaching 99% of Its 5% Supply Goal

By Freedom251 Team · · 3 min read

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Decrypt reported on October 5, 2026, that Bitmine Immersion Technologies bought 15,112 ETH, worth about $41 million, bringing its reported holdings to 6,016,414 ETH. The company said that equals 4.9% of the 122.1 million ETH supply and puts it 99% of the way toward its self-set goal of acquiring 5% of that supply. The 99% figure is progress toward Bitmine’s target—not ownership or control of 99% of Ethereum.

What Bitmine reported buying

Decrypt attributed the latest transaction figures to Bitmine’s Monday announcement: 15,112 ETH valued at about $41 million. The report put Bitmine’s total at 6,016,414 ETH, valued at approximately $16.4 billion using a reference price of $2,726 per ETH. These are reported figures tied to the October 5, 2026 account, not a live balance or valuation. Decrypt’s October 5 report also said the purchase continued a company-reported buying streak.

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Decrypt reported a broader total of $17.4 billion in crypto, cash and “moonshot” holdings. Its breakdown included 214 BTC, $643 million in cash and marketable securities, a $180 million Beast Industries stake and a $117 million position in Eightco Holdings. These components and the overall total are dated reported values; they should not be treated as fixed balances.

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What “99% of its target” means

Bitmine’s “Alchemy of 5%” is its stated aim to acquire ETH equivalent to 5% of the supply it uses as its benchmark. Decrypt reported that Bitmine held 4.9% of a stated 122.1 million ETH supply after the October purchase. The “99%” headline rounds the company’s progress toward its own 5% goal. It does not mean Bitmine owns 99% of ETH, controls the Ethereum network, or has already reached its stated target.

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The percentage is relative to the supply benchmark cited in the report, not a permanent share: both the ETH balance and the supply denominator can change. The figure should therefore be read as a dated snapshot rather than a lasting measure of network ownership.

How the October report differs from Bitmine’s SEC snapshot

Bitmine’s September figures are from a separate, earlier snapshot. Its SEC-filed release, dated September 21, reported balances as of September 20, 2026, at 9:00 p.m. ET. That release cannot independently confirm the later October 5 purchase. The two snapshots use different dates and ETH price references, so their valuations should not be combined.

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Measure September 20 snapshot, per Bitmine’s SEC-filed release October 5 report, per Decrypt
ETH holdings 5,983,940 ETH 6,016,414 ETH
ETH price reference $2,688 per ETH $2,726 per ETH
Share of stated 122.1 million ETH supply 4.9%; Bitmine described itself as 98% of the way to its goal 4.9%; described as 99% of the way to its goal
Total reported holdings or treasury value $17.1 billion $17.4 billion in crypto, cash and “moonshot” holdings
BTC 212 BTC 214 BTC
Cash and marketable securities $714 million $643 million
Beast Industries stake $180 million $180 million
Eightco Holdings position $105 million $117 million

The September figures come from Bitmine’s September 21 SEC-filed release; the October figures come from Decrypt’s October 5 report. Each is a dated company-reported snapshot, not an independently audited comparison of current values. Differences in treasury totals can reflect changing asset prices as well as changes in reported positions.

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What Bitmine says about staking

In the September 20 snapshot, Bitmine said it had staked 5,067,309 ETH, valued at $13.6 billion using its stated ETH price. The company described a seven-day annualized yield of 2.62% and projected $357 million in annualized staking revenue. It also presented $421 million as an at-scale projection premised on staking all of its ETH. Those are company estimates, not guaranteed or realized returns; yields, participation and asset prices can change.

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Bitmine describes MAVAN, or Made in America VAlidator Network, as its institutional staking and validation platform. The company says it was developed to support its treasury and expanded to institutional investors, custodians and ecosystem partners. The September release does not make its projections assurances of future revenue, and it notes that staking yields, operations and the company’s ability to meet its ETH target may vary materially.

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What the purchase does—and does not—say about ETH

A large treasury purchase documents Bitmine’s accumulation strategy; it does not establish where ETH’s price will go or what return an investor might earn. Decrypt quoted Bitmine chairman Tom Lee saying Ethereum was “dwarfing” other macro assets that quarter. That is Lee’s assessment, not an independently established performance finding or a forecast. In its September release, Lee also expressed the company’s view that a crypto bull market had begun in late June, citing factors including a rotation from AI to crypto, tokenization and AI-related crypto fundamentals, and the end of the four-year cycle. These are management’s opinions.

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