BitMine said Monday that it purchased 12,532 Ethereum in the week to October 11, its third consecutive small weekly purchase, bringing the treasury to 6,028,946 ETH, or 4.9% of the 122.1 million ETH available.
The purchase follows the 15,112 ETH BitMine added in the week leading up to October 4, and the company purchased 17,362 ETH the week before.
BitMine is stacked
The company brand its ETH at $2,544 per token, using Coinbase prices. At these levels, his crypto, cash and stock holdings total $16.2 billion. Cash and marketable securities totaled $612 million, up from $643 million a week earlier. BitMine’s release gives no reason for the liquidity drop.
BitMine reported 5,067,309 ETH staked, or 84% of its ether. Chairman Tom Lee projects $336 million in revenue per year from this staked ether, based on a seven-day yield of 2.61%. He said it would reach $400 million once all of the company’s ethers were put on the line.
Lee said in May that BitMine had slowed its ETH accumulation to reach the 5% target at the end of 2026 instead of mid-July. He returned to this objective in a video message, the transcript of which BitMine filed with the SEC on October 7. In the post, Lee said BitMine built its position over 15 months, during a bear market.
“So we need about 100,000 more ETH, and that’s it,” Lee said. He then said that BitMine had finished piling up as a bull market began.
Monday’s release still indicates that BitMine has purchased 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 purchasing ETH.
Redemption completed August 17
In that same post, Lee said BitMine began repurchasing 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 have mentioned a buyback.
BitMine also raised funds this year through its 9.5% perpetual preferred stock, trading as BMNP. BitMine had planned the preferred stock offering to fund more Ethereum purchases, among other uses. It sold 3.5 million shares at $80 each on June 10. These preferred shares last closed at $99.53 and Lee pegged their current yield at 9.56%.
The article BitMine Weekly ETH Buys Decline to 12,532 as Tom Lee Says Stacking is Complete appeared first on CryptoPotato.
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