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Bitmine bought 15,112 ETH, worth about $41 million, according to Decrypt’s report of the company’s October 5, 2026 announcement. The purchase brought Bitmine’s reported holdings to 6,016,414 ETH. The “99%” figure describes progress toward Bitmine’s own goal of accumulating 5% of ETH supply—not ownership or control of 99% of Ethereum.
What Bitmine reported buying
Decrypt reported on October 5, 2026 that Bitmine acquired 15,112 ETH for about $41 million. The report put the company’s ETH holdings at 6,016,414, valued at about $16.4 billion using a reference price of $2,726 per ETH. These are figures reported for that announcement, not a live balance or a guaranteed current valuation. Decrypt’s October 5 report attributed the transaction details to the company’s announcement.
Decrypt also reported Bitmine’s total crypto, cash, and “moonshot” holdings at $17.4 billion. Its breakdown included 214 BTC, $643 million in cash and marketable securities, a $180 million stake in Beast Industries, and a $117 million position in Eightco Holdings. Those amounts are dated reported values; they can change with asset prices and transactions.
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Bitmine’s “Alchemy of 5%” is its stated objective of accumulating ETH equal to 5% of the cryptocurrency’s supply. Decrypt reported that the company was 99% of the way to that goal after the October purchase, using a stated supply of 122.1 million ETH. The percentage is rounded company framing of progress toward its own target. It does not mean Bitmine owns 99% of ETH or controls Ethereum.
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The company’s prior snapshot illustrates why the date matters. In a September 21, 2026 SEC-filed release, Bitmine reported 5,983,940 ETH as of September 20 and described itself as 98% of the way to the same goal. The October 5 figure is from Decrypt’s later report; the September release does not independently verify that later purchase.
How the reported snapshots differ
| Measure | September 20, 2026 snapshot | October 5, 2026 report |
| Source and timing | Bitmine SEC-filed release; holdings as of 9:00 p.m. ET on September 20 | Decrypt report of Bitmine’s Monday announcement |
| ETH held | 5,983,940 ETH | 6,016,414 ETH |
| ETH reference price | $2,688 per ETH | $2,726 per ETH |
| Share of stated ETH supply / target progress | 4.9% of a stated 122.1 million ETH supply; Bitmine said it was 98% of the way to its 5% goal | 4.9% of a stated 122.1 million ETH supply; Decrypt reported 99% progress toward the 5% goal |
| Total reported holdings or treasury value | $17.1 billion | $17.4 billion in crypto, cash, and “moonshot” holdings |
| Other reported assets | 212 BTC; $714 million cash and marketable securities; $180 million Beast Industries stake; $105 million Eightco Holdings | 214 BTC; $643 million cash and marketable securities; $180 million Beast Industries stake; $117 million Eightco Holdings |
The two columns are separate dated snapshots from different sources, and should not be combined into a single balance sheet. The September figures come from Bitmine’s September 21 SEC-filed release; the October figures come from Decrypt’s October 5 report.
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What Bitmine says about staking
In the September 20 snapshot, Bitmine reported that it had staked 5,067,309 ETH, valued at $13.6 billion using its stated ETH price. The company described its MAVAN (Made in America VAlidator Network) as an institutional staking and validation platform developed to support its treasury and expanded to institutional investors, custodians, and ecosystem partners. The SEC-filed release also reported a 2.62% seven-day annualized yield.
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Bitmine estimated $357 million in annualized staking revenue based on the September snapshot, and gave a $421 million at-scale projection premised on fully staking its ETH. These are company projections, not realized or guaranteed returns. A seven-day annualized yield is an observed short-period rate expressed on an annualized basis; it should not be read as a promise that the same rate or revenue will continue. The company cautioned that digital-asset prices, staking participation and yields, operations, and its ability to meet its ETH target can vary materially.
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What the purchase does—and does not—say about ETH
The reported acquisition shows that Bitmine continued adding to its ETH holdings; it does not establish what ETH will do next or whether the purchase will prove profitable. Decrypt quoted Bitmine chairman Tom Lee describing Ethereum as “dwarfing” other macro assets this quarter. That is Lee’s assessment, not an independently established performance comparison or a price forecast.
In its September 21 release, Lee also said the company believed a crypto bull market was underway, which he said had started in late June. He cited a rotation from AI to crypto, strengthening fundamentals centered on tokenization and AI, and the end of the four-year cycle. Those are management’s views, not independent evidence that a bull market has begun.
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