Bitmine Adds 12,535 ETH, Nears 5% Ownership Target

Bitmine Immersion Technologies bought 12,535 ETH over the week through October 18, lifting its reported holdings to 6,041,481 ETH, or about 4.9% of the supply it cited, as the company neared its 5% ownership target. The figures were disclosed in a company announcement on October 19. Bitmine said it would stop accumulating ETH once it reaches that target; it has not reported reaching it. The company valued its Ethereum holdings at about $14.3 billion using a reference price of $2,365 per token. Its combined cryptocurrency holdings, cash, marketable securities and strategic investments totaled $15.1 billion as of October 18, Bitmine reported. The purchase extends a weekly buying run that the company says began with its treasury strategy in June 2025. Bitmine also reported that 5,067,309 ETH, about 84% of its holdings, were staked through its Made in America Validator Network and other providers. It estimated that this amount could generate roughly $309 million in annualized revenue at a 2.58% yield. The estimate is a projection, not realized revenue. The company said annualized rewards could reach about $369 million if its entire ETH holding were staked at that yield. The...