Bitmine Accelerates Ethereum Accumulation to 5.96M Tokens as Strategy Pauses Bitcoin Buying

• Bitmine now holds 4.88% of Ethereum’s circulating supply, while Strategy controls 4.2% of all Bitcoin in the market.
• Strategy has paused its Bitcoin acquisitions for the second straight week, focusing instead on preferred stock repurchases, while Bitmine secured 27,180 ETH over the past week.

Bitmine Immersion Technologies Inc. (BMNR) has significantly expanded its Ethereum (ETH) treasury, reaching 5.96 million tokens. This milestone brings the company closer to its strategic goal of acquiring 5% of Ethereum’s total circulating supply.

In a parallel move, Strategy Inc. (MSTR) has once again deferred its Bitcoin (BTC) acquisitions. Instead, the company has redirected its capital to repurchase shares of the Variable Rate Series A Perpetual Stretch Preferred Stock (STRC).

Bitmine’s Ethereum Holdings Strategy

During the past week, Bitmine acquired an additional 27,180 ETH, bringing its total holdings to 5,956,378 tokens. This volume represents approximately 4.88% of Ethereum’s 122.05 million circulating supply, positioning the company 98% closer to its long-term “Alchemy of 5%” objective.

While the company did not disclose the exact purchase prices for the recent tokens, it estimated the total acquisition cost at approximately $68.3 million, averaging $2,513 per ETH.

Beyond its core Ethereum reserves, Bitmine’s digital asset treasury (DAT) portfolio includes 212 BTC, a $180 million stake in Beast Industries, a $98 million investment in Eightco Holdings (ORBS), and $549 million in cash and marketable securities.

To maximize yield, Bitmine has staked nearly 85% of its Ether holdings across its proprietary MAVAN (Made in America Validator Network) platform and select partners. Company Chairman Tom Lee projects this initiative will generate up to $334 million in annual staking revenue.

Chairman Tom Lee remains highly optimistic about Ethereum’s outlook, particularly amidst rising global oil prices and potential US interest rate hikes. He pointed out that the ETH-to-BTC price ratio reached its highest level since January 30, 2026, demonstrating remarkable resilience even as global equities remain range-bound due to geopolitical tensions in the Middle East.

Furthermore, Lee highlighted that Ethereum was the top-performing macro asset in the third quarter, outperforming the S&P 500 by 5,866 basis points. He projects that Ethereum, along with Solana (SOL) and Bitcoin, will maintain strong upward momentum heading into the fourth quarter.

Strategy Pauses Bitcoin Accumulation

For the second consecutive week, Strategy has opted to skip new Bitcoin purchases, focusing instead on capital allocation toward share repurchases. Over the past week, the company repurchased 1.42 million STRC preferred shares for $139.3 million.