BitMine Immersion Technologies purchased an additional 10,452 Ether (ETH), lifting its corporate treasury to 6,051,933 tokens even as U.S. spot Ethereum exchange-traded funds (ETFs) recorded roughly $220.7 million in weekly net outflows.

The company disclosed the acquisition in its October 26 treasury update, part of its weekly reporting cadence, which showed holdings of 6,051,933 ETH as of October 25. At BitMine's stated reference price of $2,356 per token, the position is worth approximately $14.26 billion, while the latest purchase carries an estimated value of $24.6 million. The contrasting developments underscored corporate treasury accumulation running alongside weakening demand for Ethereum funds. The purchase was also highlighted by ETH Daily on X.

BitMine Nears Its 5% Supply Target

BitMine now holds about 4.95% of Ethereum's estimated 122.2 million ETH circulating supply. The company is pursuing a 5% ownership objective under its “Alchemy of 5%” strategy and, based on the reported supply, needs roughly 58,067 additional ETH to reach that threshold. That shortfall equals roughly four weekly purchases at the 15,112 ETH pace recorded in the week ending October 4, although recent weekly volumes have been smaller.

The firm has maintained a weekly acquisition cadence and has continued buying through a period of broader market weakness, although purchase volumes have recently declined. BitMine added 12,535 ETH in the preceding week and 15,112 ETH during the week ending October 4. Chairman Tom Lee continues to back the accumulation plan despite the recent decline in cryptocurrency prices.

Ethereum Futures See $35 Million in Liquidations

Liquidations occur when exchanges automatically close leveraged positions whose collateral no longer covers margin requirements. Approximately $35 million in Ethereum futures positions were liquidated across exchange platforms during a 24-hour window, according to CoinGlass figures. Long positions accounted for about 65% of the total, or $32.6 million, while short positions made up the remaining $34 million. The largest single liquidation involved a Binance ETH/USDT long position valued at about $6.97 million. Futures open interest stood near $30 billion, reflecting the volume of outstanding contracts across trading platforms.

ETH traded around $2,320 during the reporting period after testing prices near $2,400. Traders continued to monitor the $2,300 level after Ethereum approached a recent low near $2,285.

U.S. spot Ethereum ETFs registered $110.6 million in net outflows on October 22 before attracting $3.4 million on October 23, according to Farside Investors data. Because spot ETFs hold Ether directly, net outflows correspond to net redemptions and reduce the funds' combined Ether holdings. Across the five sessions ending October 23, spanning Oct. 19–23, the funds recorded approximately $220.7 million in net withdrawals, providing another gauge of market activity alongside treasury purchases and futures trading.

Ethereum developers also postponed the planned October 26 activation of the Glamsterdam upgrade on the Hoodi testnet while reviewing proposed gas-accounting changes. The delay applies only to the test network, not Ethereum mainnet, and no replacement date had been announced at the time of writing, leaving the revised testnet schedule a development milestone to watch.

BitMine Expands Staking, Continues Buybacks

BitMine repurchased 2.04 million shares during the week at an average price of $22.48, spending roughly $45.9 million. Total repurchases in 2026 have reached 22.9 million shares at a cumulative cost of $399.6 million.

Staking commits ETH to Ethereum's proof-of-stake network to help secure the network and process transactions, with the network paying rewards to participating holders. The company has staked 5,227,037 ETH, worth approximately $12.3 billion at its stated reference price and representing about 86% of its Ethereum holdings. BitMine estimates annualized staking rewards of $318 million at current levels. Management projects annual rewards of $368 million if the entire ETH treasury is staked through the company's validator network and partners.

Beyond its ETH position, BitMine reported $514 million in cash and marketable securities, 215 Bitcoin, and investments in Beast Industries and Eightco Holdings. Its combined reported assets and investments totaled $15 billion.

This article provides information, not financial advice. Cryptocurrency investments carry price volatility, staking risks and potential losses. Readers should conduct independent research before investing.