Bitmine Immersion Technologies said on October 5, 2026, that it acquired 15,112 ETH over the previous week and held 6,016,414 ETH as of October 4 at 6:30 p.m. ET. Chairman Tom Lee’s “dwarfing other macro assets” remark refers to the company’s claim that ether outperformed the S&P 500 by 6,832 basis points in the third quarter—a comparison the release does not document with calculation details.
What Bitmine reported
In its October 5, 2026 announcement, Bitmine said it bought 15,112 ETH during the preceding week. Its reported total was 6,016,414 ETH at 6:30 p.m. Eastern Time on October 4.
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The company valued that ETH at $2,726 per coin, or approximately $16.4 billion, and said the position equaled 4.9% of a 122.1 million ETH supply. These are company-reported figures tied to the announcement, not live balances or prices.
What Lee meant by “dwarfing”
Lee’s phrase describes Bitmine’s assertion that ETH outperformed the S&P 500 by 6,832 basis points in Q3 2026. A basis point is one-hundredth of a percentage point, so 6,832 basis points is a 68.32-percentage-point difference in performance. That is a difference between reported returns, not a claim that ether’s price was 68.32% higher than the index.
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Lee said in Bitmine’s release: “The outperformance of ETH by 6,832bp relative to the S&P 500 in 3Q26 is notable considering the substantial macro headwinds that emerged in the quarter including a ‘hawkish’ Fed, surging oil, rise in global bond yields and general tightening of financial conditions. Quarter to date, ETH is outperforming by 6,832bp, dwarfing other macro assets.”
The release does not provide the price series or calculation method behind the comparison, so readers cannot independently reproduce the 6,832-basis-point figure from the company’s statement alone. The Block also reported the acquisition and Lee’s comparison on October 5, 2026.
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How much of Bitmine’s ETH is staked?
Bitmine reported 5,067,309 ETH staked, which it described as 84% of its ETH holdings. It projected $363 million in annualized staking revenue using a 2.63% seven-day annualized yield.
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The revenue figure is a projection, not money Bitmine reported having earned. An annualized yield extrapolates a recent rate over a year; the seven-day basis does not establish that the same yield will persist. The company said its institutional staking infrastructure effort, MAVAN, was part of its plans.
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What makes up the reported $17.4 billion total?
Bitmine’s reported $17.4 billion in crypto, cash, marketable securities, and “moonshots” was broader than its ETH position. The company said the total also included 214 BTC, stakes in Beast Industries and Eightco Holdings, and $643 million in cash and marketable securities. It is therefore not an ETH-only valuation.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the announcement does—and does not—establish
The October 5 release is a dated company announcement: it states what Bitmine said it acquired and held, and attributes the performance comparison and staking projection to the company and its chairman. The amounts, valuations, supply share, yield, and performance figures can change, and the release’s snapshot should not be read as current market data.
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Bitmine also characterized accumulation goals, future purchases, staking projections, MAVAN expansion, and performance comparisons as forward-looking or subject to risk. Its listed risks include digital-asset price volatility, operational risks, and regulatory changes. The announcement is evidence of the company’s stated treasury position and plans, not a guarantee of future purchases, returns, or staking income.
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