BitMine said on Monday that it purchased 12,532 Ether (ETH) in the week to October 11, its third small weekly purchase in a row, taking its total treasury to 6,028,946 ETH, or approximately 4.9% of the 122.1 million ETH in overall supply. That places the company just below its stated 5% supply target. On the supply figure cited in the release, 5% works out to roughly 6.11 million ETH, leaving BitMine about 76,000 tokens short of that threshold.

The purchase followed the 15,112 ETH BitMine added in the week to October 4, and the 17,362 ETH the company bought the week before that, bringing the three-week total to 45,006 ETH.

Treasury Valuation

The company marked its ETH at $2,544 per token, using Coinbase prices. At those levels, its crypto, cash, and equity stakes total $16.2 billion, with the ether treasury itself worth roughly $15.3 billion at that marking — meaning the bulk of BitMine's stated holdings sits in ETH rather than cash or equities. Cash and marketable securities came to $612 million, down from $643 million a week earlier; BitMine's release gave no reason for the decline.

Staking Revenue

BitMine reported 5,067,309 ETH staked, or 84% of its ether. Chairman Tom Lee projected $336 million a year in revenue from that staked ether, based on a 2.61% seven-day yield. He said that figure would rise to $400 million once all of the company's ether is staked. The roughly 961,600 ETH not yet staked is the difference between those two projections.

"About 100,000 More ETH"

Lee said in May that BitMine had slowed its ETH accumulation in order to reach the 5% target in late 2026 instead of mid-July. He returned to that target in a video message whose transcript BitMine filed with the U.S. Securities and Exchange Commission (SEC) on October 7. In that message, Lee said BitMine built its position in 15 months, during a bear market.

"So we need to get about 100,000 more ETH, and that's about it," Lee said. He then said BitMine is done stacking while a bull market starts.

Monday's release still says BitMine has bought ETH every week since its treasury strategy began on June 30, 2025. The same release, in its note on forward-looking statements, cites a management statement that the company is largely finished buying ETH. Whether the coming weekly updates continue to log purchases, and how they square that streak with Lee's remarks, is the detail to watch as the treasury sits within roughly 80,000 ETH of its 5% goal.

Buyback Ended on August 17

Lee's message also detailed the company's share buyback. BitMine started buying back its own shares on July 14, when the company repurchased 21 million shares for $350 million, and completed the program on August 17. None of the weekly updates BitMine has filed since then report a repurchase.

9.5% Perpetual Preferred Stock

BitMine also raised money this year through its 9.5% perpetual preferred stock, which trades as BMNP. The company had planned the preferred stock offering to fund more Ethereum buying, among other uses. It sold 3.5 million shares at $80 each on June 10. Those preferred shares last closed at $99.53, about 24% above their $80 offering price, and Lee put their current yield at 9.56%.