BMNR Stock Drops as Bitmine Approaches Major ETH Milestone

TLDR

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BMNR stock declined to $23.85 despite Bitmine acquiring another 12,532 ETH during the previous week.
Bitmine’s Ethereum holdings reached 6,028,946 tokens, worth approximately $15.3 billion at its reported reference price.
The company now controls roughly 4.9% of Ethereum’s stated supply, approaching its 5% accumulation target.
Ethereum fell 1.5% to $2,505.74 as broader market weakness continued during Monday’s session.
Bitmine reported more than 5 million staked ETH, with estimated annual staking revenue reaching $336 million.

Bitmine Immersion Technologies added more Ethereum last week, but BMNR stock traded lower on Monday, October 12. Shares slipped to $23.85 as Ether also declined during the US session.

Bitmine Immersion Technologies, Inc., BMNR

The move followed an update showing that Bitmine now holds more than six million ETH. The company remains close to its goal of controlling 5% of Ethereum’s supply.

BMNR Stock Slides Despite Fresh ETH Buying

BMNR stock opened near $24.21 and traded between $23.78 and $24.43. At 17:30 UTC, it stood at $23.85, down roughly 0.75% from Friday’s close.

Trading volume reached approximately 11.7 million shares at that point, below the reported average of 38.4 million. Its market value stood near $14.4 billion.

The decline came despite another weekly purchase. Bitmine said it acquired 12,532 ETH, continuing a buying program that started in June 2025.

Bitmine Ethereum Holdings Reach 6.03 Million

The latest purchase followed a 15,112 ETH acquisition reported the previous week. Bitmine’s October 12 disclosure put its total holdings at 6,028,946 ETH.

Using a Coinbase reference price of $2,544, the company valued its Ethereum position near $15.3 billion. Its combined crypto, cash, securities, and other investments totaled $16.2 billion.

That included $612 million in cash and marketable securities. The company also listed 214 Bitcoin, alongside investments in Beast Industries and Eightco Holdings, among its assets. Bitmine held roughly 4.9% of Ethereum’s stated 122.1 million supply, leaving approximately 76,054 ETH to reach 5%.

Ethereum Price Falls Alongside Shares

Ether traded at $2,505.74 at 17:30 UTC, according to CoinGecko. It fell 1.5% over 24 hours, following a week marked by Ethereum ETF withdrawals.

The token traded between $2,502.70 and $2,575.42 over the preceding day. Its market capitalization stood around $305.82 billion, based on circulating supply data.

ETH also remained nearly 49.4% below its recorded $4,946.05 peak. Changes in the token price alter the market value of Bitmine’s Ethereum treasury.

Staked ETH Exceeds Five Million Tokens

Bitmine reported 5,067,309 staked ETH as of October 11, about 84% of its position. Chairman Tom Lee estimated annualized staking revenue near $336 million.

A separate report on $542 million in weekly Ethereum ETF outflows described weaker fund demand through October 9. That activity does not establish why BMNR stock fell.

The company continues to target 5% ownership of Ethereum’s supply. Monday’s price snapshot and latest purchase report show separate developments, without proving a direct relationship.

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