BitMine's Ethereum Holdings Near 5% of Total Supply as BMNR Stock Jumps 7%

Bitmine Immersion Technologies (BMNR) has once again added to its Ethereum (ETH) holdings, extending a weekly accumulation routine that has become the defining feature of the company's treasury strategy. With its accumulated position now approaching 5% of Ethereum's entire supply, the latest purchase has drawn fresh attention to the firm's progress toward that milestone.

50,000 ETH Away From the 5% Target

Bitmine acquired 8,573 ETH last week at $2,261 per token, a purchase worth nearly $20 million. At press time, the company's total holdings stood at 6,060,506 ETH.

That equates to approximately 4.9% of Ethereum's 122.2 million token supply. The company has been pursuing the 5% milestone for roughly 15 months and is now about 50,000 ETH short of the goal. At last week's purchase size — roughly 8,600 tokens — closing the remaining gap would take about six more weekly buys if order sizes hold steady.

According to Chairman Tom Lee, the Fundstrat co-founder and longtime Wall Street strategist, Bitmine has bought ETH every single week since launching its treasury strategy in June 2025 — a record of consistent crypto purchases that the chairman has described as unmatched by any public company in the world.

Staking Rewards and Total Holdings

Most of the Ethereum stack is actively deployed. Around 5.23 million tokens, or roughly 86% of the total, are currently staked, representing a value of about $11.8 billion. Staked ETH sits in Ethereum's validator network, where it helps secure the chain and accrues protocol rewards; withdrawals run through the network's exit queue rather than settling instantly. Once the strategy reaches full scale, staking rewards are expected to generate approximately $415 million per year.

When cash reserves, Bitcoin (BTC) and a number of smaller side positions are added, Bitmine's total holdings come to approximately $14.5 billion.

Lee also addressed Binance's recent $6.3 billion hack, which the FBI has blamed on North Korea. Drawing a comparison with the roughly $1.5 billion Bybit hack of 2025, he stated: "We believe this is a far more muted market reaction despite the size of the theft being approximately quadruple the size…"

BMNR Shares Climb Above $21.90

The stock responded to the accumulation. BMNR was trading at $21.90 on 4th November, having opened the day at $20.50 — a gain of nearly 7% within a few hours, with an intraday high just above $22.20.

The advance followed a choppy stretch of trading. On 2nd November, the stock slid to roughly $19.45 before bouncing back, and it spent most of 3rd November moving between $20.30 and $20.80.

Short-term momentum indicators ran hot during the move. The relative strength index (RSI) on the 5-minute chart climbed above 80 during the rally and has since cooled to 68.5. The moving average convergence divergence (MACD) remained above its signal line at press time, although the green histogram bars were shrinking.

In practical terms, the indicators suggested that buyers still held the upper hand, though the strength of that signal was becoming less pronounced. The next weekly accumulation update will be the nearest checkpoint on the remaining distance to the 5% target.

Summary

BitMine bought 8,573 ETH last week, lifting its holdings to roughly 4.9% of Ethereum's total supply — about 50,000 tokens short of its stated 5% target. BMNR shares rose nearly 7% in a few hours of trading on 4th November.