Beast

Tom Lee

Bitmine Immersion Technologies has acquired 12,532 ETH over the last week, swelling its treasury to 6,028,946 tokens.The company sits about 76,000 ETH short of owning 5% of the 122.1 million supply of ether, according to Cryptopolitan’s math.
Bitmine said Monday it owns 4.9% of ether’s supply. The company says it is 99% of the way to a target it calls the “Alchemy of 5%.”
<h3 id="span-style-font-weight-400-lee-puts-the-remaining-gap-at-about-100-000-eth-tokens-span">Lee puts the remaining gap at about 100,000 ETH tokens</h3>
A 5% stake in 122.1 million ETH comes to 6,105,000 tokens. Bitmine’s 6,028,946 ETH is 76,054 below that line.
Chairman Tom Lee pegged the gap a little higher in his October 7 Chairman’s message. Bitmine needs “about 100,000 more ETH, and that’s about it,” Lee <a href="https://youtu.be/ac7pnyaBFEM" rel="noopener noreferrer nofollow">said</a> in the video.
Lee has said purchases stop once Bitmine hits the target. The latest purchase was about $32 million at the price of $2,544 per ETH based on Coinbase’s Sunday pricing.
Bitmine bought $41 million worth of ETH the week before. It trimmed its weekly rate from over 100,000 ETH as it approached 5%, <a href="https://www.cryptopolitan.com/bitmine-slows-ethereum-buying-26659-eth/" rel="noopener noreferrer nofollow">Cryptopolitan</a> said in May.
“Bitmine has bought ETH each and every week since the inception of the ETH Treasury Strategy on June 30, 2025,” Lee said. In September, a 28,086 ETH buy took Bitmine to 5.93 million tokens, <a href="https://www.cryptopolitan.com/tom-lee-backs-tokenization-and-ai-bitmine/" rel="noopener noreferrer nofollow">Cryptopolitan</a> reported.
<h3 id="span-style-font-weight-400-staking-earns-336-million-a-year-on-84-of-the-treasury-span">Staking earns $336 million a year on 84% of the treasury</h3>
Bitmine has staked 5,067,309 ETH, 84% of its holdings, valued at about $12.9 billion. The stake is run by its MAVAN validator network and staking partners.
Annualized staking revenue sits at $336 million on the ETH staked now, Lee said. He said that if fully staked, the treasury would bring in around $400 million a year at a 2.61% seven-day yield.
Bitmine disclosed in a&nbsp;<a href="https://www.prnewswire.com/news-releases/bitmine-immersion-technologies-bmnr-announces-eth-holdings-reach-6-03-million-tokens-and-total-crypto-and-total-cash--marketable-securities-holdings-of-16-2-billion-302905339.html" rel="noopener noreferrer nofollow">statement</a> that as of October 11, it had $16.2 billion in crypto, cash, and other assets.&nbsp;The total includes $612 million in cash and marketable securities and 214 bitcoin.
$180 million of that is Beast Industries, and $85 million is Eightco Holdings. <a href="https://x.com/BitMNR/status/2109629888378667207" rel="noopener noreferrer nofollow">Bitmine’s</a> BMNP, a 9.5% perpetual preferred sold at $80 in June, last closed at $99.53.
<figure style="width: 100%" class="wp-caption alignnone"><img src="https://www.cryptopolitan.com/wp-content/uploads/2026/10/2026-10-12-bitmine-76000-eth-short-5-target-01.png" alt="Bitmine is 76,000 ETH short of its 5% target after a 12,532 ETH week." width="620" height="490">
 <figcaption>
 Bitmine holdings update posted on X by @BitMNR, October 12, 2026.
 </figcaption>
</figure>
Lee said BMNP is up 24% since issuance, versus Treasuries, which are down 8% in the same period. He puts its 9.56% yield 256 basis points below comparable bitcoin credit.
Lee sees potential for the biggest-ever crypto bull market. Tokenization, wealth transfer, treasury firms absorbing supply, and AI are the drivers, he said.
ETH was down 10% in the first nine months of 2026, and BMNR was down 3%, Lee said. He said ether topped the S&amp;P 500 by 6,832 basis points over the third quarter.
Bitmine calls itself the largest ETH treasury and the second-largest crypto treasury overall. Strategy Inc. occupies the number one spot.
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Bitmine's 12,532 ETH buy puts it 99% of the way to owning 5% of ether

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