Bitmine Nears 5% Ethereum Ownership Goal Amid Market Slump

The NYSE-listed firm confirmed its total holdings reached 6,041,481 ETH as of October 18, representing roughly 4.9% of the circulating supply. While the company continues its weekly purchasing program—a practice maintained since June 2025—the broader market environment remains tepid. Ethereum is currently trading near $2,422, hovering below its 20-day simple moving average of $2,544.70.

Staking remains a cornerstone of the firm’s treasury management, with 5.07 million ETH currently locked. Bitmine estimates this staked position could generate $309 million in annualized revenue based on a 2.58% yield, though actual returns fluctuate with network conditions. Chairman Tom Lee attributed recent price volatility to broader risk-off sentiment in global technology markets, specifically citing financing concerns in the semiconductor sector. Despite the short-term downward pressure, the company holds firm on its long-term outlook, with its total portfolio—including cash, Bitcoin, and strategic investments—valued at approximately $15.1 billion.