View the purchase data and calculation
| Announcement date | Prior-week acquisition (ETH) | Total holdings (ETH) |
|---|---|---|
| September 28 | 17,362 | 6,001,302 |
| October 5 | 15,112 | 6,016,414 |
| October 12 | 12,532 | 6,028,946 |
Decrease: (17,362 - 12,532) / 17,362 * 100 = 27.8%, rounded. The dates identify announcements, not single-day trades. No purchase execution price or price effect is inferred.
Bitmine Immersion Technologies added another 12,532 Ether (ETH), the native asset of Ethereum, in the week covered by its October 12 update. The company is still buying, but that purchase was smaller than each of the two preceding weekly additions as it approaches its goal of owning 5% of ETH supply. [1] [2] [3]
For the Ether market, the interesting change is the pace of new demand. A huge existing treasury can remain invested even when its next purchase shrinks. Bitmine's latest figures show continued accumulation; they also bring the possible end of that accumulation phase closer.
A smaller purchase still adds demand
The company reported purchases of 17,362 ETH on September 28 and 15,112 ETH on October 5. Its latest 12,532 ETH addition is roughly 28% below the first of those amounts. That three-update pattern shows slower buying, although it does not establish why management chose those purchase sizes. [1] [2] [3]
Bitmine, whose common shares trade as BMNR on the New York Stock Exchange, combines digital-asset holdings with staking and validation services. Its October 5 update reported 6,016,414 ETH. The latest purchase lifted that balance to 6,028,946 ETH. [1] [2]
At the latest update's $2,544 reference price, the new tokens had a value of about $31.9 million. That is a calculation using the company's October 11 snapshot, rather than the amount it paid to execute those purchases or a live October 13 quote. [1]
The purchases arrive alongside less supportive fund demand. Farside Investors' compiled data show $85.4 million of net withdrawals from U.S. Ethereum exchange-traded funds on October 12. These funds let investors gain exposure through exchange-listed shares. [5]
The fund figure covers one trading day; Bitmine's number covers a week and uses a valuation snapshot. Subtracting one from the other would not produce a meaningful measure of market buying. Together, they show that one company's accumulation can coexist with withdrawals through another investment channel.
The target makes the next phase interesting
In his October 7 chairman's message, Tom Lee described about 100,000 ETH left to acquire before reaching the company's target. He then pointed to a phase in which Bitmine would hold its accumulated position while waiting for a stronger market. [4]
“So we need to get about 100,000 more ETH, and that's about it.”
October chairman's message [4]
The latest treasury update still records a purchase after that message. Lee's remarks describe an intended destination, without proving that buying has stopped or fixing a final purchase date. His expectation of a stronger crypto market remains a forecast. [1] [4]
Using the company's stated supply of 122.1 million ETH, 5% would be 6,105,000 ETH. Against the latest holdings, the calculated gap is 76,054 ETH. That estimate holds supply constant; Ethereum's actual supply can change. It should not be turned into a countdown based on one week's buying speed. [1]
Holding Ether has its own trade-offs
Bitmine had 5,067,309 ETH staked at its latest snapshot, approximately 84% of its Ether. Staking commits tokens to help validate Ethereum transactions and can earn rewards. It also introduces operating and penalty risks. [1] [6]
Staked tokens are not permanently removed from circulation. Ethereum supports withdrawals, with exits processed through a queue. A large staked treasury therefore differs from coins that have been destroyed: its owner can eventually bring those tokens back into use. [6]
Those rewards belong to the staking activity; an ordinary ETH holder receives no claim on Bitmine's income. And BMNR represents an interest in the company, with its business and financing risks, rather than direct ownership of a fixed amount of Ether.
SpecCoins' reading is that Bitmine remains a source of buying demand, with smaller weekly additions and an approaching target making its next phase consequential. If purchases end while the treasury stays invested, the market loses that recurring buyer without automatically gaining a seller. The latest update supports continued buying today; what follows the target is still unresolved.