Bitmine Immersion Technologies, Inc. (BMNR) added more Ethereum to its treasury last week, but the company's shares traded lower on Monday, October 12. The stock slipped to $23.85 during the US session as Ether itself declined amid continued broader market weakness.

The move followed a company update confirming that Bitmine now holds more than six million ETH. The company remains close to its stated goal of controlling 5% of Ethereum's total supply, a target its weekly purchases continue to advance.

BMNR Stock Slides Despite Fresh ETH Buying

Shares of Bitmine opened near $24.21 and traded in a range between $23.78 and $24.43. At 17:30 UTC, the stock stood at $23.85, down roughly 0.75% from Friday's close. Trading volume totaled approximately 11.7 million shares at that point, well below the reported average of 38.4 million, and the company's market value stood near $14.4 billion.

The decline came despite another weekly purchase. Bitmine said it acquired 12,532 ETH during the previous week, continuing an accumulation program that began in June 2025 and has proceeded through regular weekly purchases.

Bitmine's Ethereum Holdings Reach 6.03 Million ETH

The latest acquisition followed a purchase of 15,112 ETH reported the prior week. to Bitmine's October 12 disclosure, total holdings now stand at 6,028,946 ETH, keeping the company on pace in its multi-month accumulation drive. The position ranks among the largest corporate Ethereum treasuries and reflects a broader corporate finance trend in which public companies hold digital assets as core balance-sheet reserves and disclose purchases on a recurring schedule, an approach first popularized by corporate Bitcoin buyers.

Using a Coinbase reference price of $2,544, Bitmine valued its Ethereum position at approximately $15.3 billion. Combined crypto holdings, cash, securities, and other investments totaled $16.2 billion, a figure that includes $612 million in cash and marketable securities. The company's asset list also features 214 Bitcoin, along with investments in Beast Industries and Eightco Holdings.

Bitmine now holds roughly 4.9% of Ethereum's stated 122.1 million token supply, leaving approximately 76,054 ETH to be acquired before it reaches the 5% target — a threshold that would equal one in every twenty ETH in existence. If future weekly purchases continue at the pace of the two most recent disclosures, that gap is equivalent to roughly five to six weeks of buying, progress that can be tracked through the company's ongoing updates.

Ethereum Price Falls Alongside Shares

Ether traded at $2,505.74 at 17:30 UTC, according to CoinGecko, down 1.5% over 24 hours as broader market weakness continued during Monday's session, following a week marked by Ethereum ETF withdrawals. Spot Ethereum ETFs, which began trading in the US in 2024, offer traditional investors a regulated channel for exposure to the asset, and their weekly flows are widely monitored as a read on institutional demand. Over the preceding day, the token moved between $2,502.70 and $2,575.42, and its market capitalization stood around $305.82 billion based on circulating supply data.

ETH also remained nearly 49.4% below its recorded peak of $4,946.05. With the treasury valued near $15.3 billion, even modest percentage moves in ETH meaningfully change the market value of Bitmine's holdings.

Staked ETH Exceeds Five Million Tokens

Bitmine reported 5,067,309 staked ETH as of October 11, representing about 84% of its total position, with the majority of its treasury now earning staking rewards. Staking involves locking ETH to help secure Ethereum's network and validate transactions, with participants receiving rewards in the form of additional ETH. Chairman Tom Lee has estimated annualized staking revenue at roughly $336 million, an estimate that reflects how staking turns the holdings into a yield-generating asset for the company.

A separate report on $542 million in weekly Ethereum ETF outflows described weaker fund demand through October 9. That activity does not, however, establish why BMNR stock fell on Monday. The company continues to target 5% ownership of Ethereum's supply. Monday's price snapshot and the latest purchase report represent separate developments, and the available information does not prove a direct relationship between the two.

Source: Blockonomi