BitMine adds 12,532 ETH, nearing 5% supply goal

BitMine Immersion Technologies bought 12,532 ether in the week ended October 11, taking its holdings to 6,028,946 ETH, or about 4.9% of the reported 122.1 million ETH supply. The company’s latest purchase brings it closer to its stated goal of holding 5% of the supply, while chairman Tom Lee has said the company is largely finished accumulating ether. The purchase was the third consecutive weekly addition to decline, according to the company’s disclosures. BitMine acquired 15,112 ETH in the week ended October 4 and 17,362 ETH the week before. The company said it has bought ETH every week since beginning its treasury strategy on June 30, 2025. Lee said in a video message dated October 7 that BitMine needed about 100,000 more ETH to reach its target and was “done stacking” as a bull market began. The transcript was filed with the U.S. Securities and Exchange Commission. The company’s October 11 update nevertheless reported another weekly purchase and said management considered it largely finished buying. The disclosures do not specify how Lee’s remarks affect the timing or size of future purchases. BitMine reported that 5,067,309 ETH, about 84% of its holdings, had been staked.