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Re:

Bitmine Buys $41M More Ethereum, Reaching 99% of Its “Alchemy of 5%” Goal

Decrypt reported that Bitmine bought 15,112 ETH for about $41 million, bringing reported holdings to 6,016,414 ETH and progress toward its self-set 5%-of-supply goal to 99%.
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Bitmine bought 15,112 ETH, worth about $41 million, according to Decrypt’s report on the company’s October 5, 2026 announcement. The purchase brought Bitmine’s reported holdings to 6,016,414 ETH. The “99%” figure refers to progress toward Bitmine’s own goal of accumulating 5% of ETH supply—not ownership or control of 99% of Ethereum.

What Bitmine’s October purchase means

Decrypt reported that the 15,112 ETH purchase brought Bitmine’s balance to 6,016,414 ETH, valued at about $16.4 billion using a reference price of $2,726 per ETH. Decrypt described the balance as 4.9% of a stated 122.1 million ETH supply and 99% of Bitmine’s self-set “Alchemy of 5%” target. These are figures attributed to Decrypt’s October 5 report of the company’s announcement, not an independently verified account balance. Decrypt’s October 5 report

The goal is to accumulate ETH equal to 5% of the stated supply. The rounded 99% progress figure describes how close Bitmine says it is to that target; it does not mean the company controls Ethereum’s network or holds 99% of ETH.

How the October report compares with Bitmine’s September snapshot

Bitmine’s SEC-filed release, dated September 21, reported a snapshot as of September 20, 2026, at 9:00 p.m. ET. It is an earlier company disclosure and does not independently confirm the October 5 purchase.

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Measure September 20 snapshot October 5 report
ETH holdings 5,983,940 ETH, reported in Bitmine’s September 21 SEC-filed release. 6,016,414 ETH, reported by Decrypt on October 5.
ETH price reference $2,688 per ETH, according to Bitmine’s release. $2,726 per ETH, according to Decrypt’s report.
Share of stated ETH supply / progress to goal 4.9% of 122.1 million ETH supply; Bitmine described itself as 98% of the way to its target, according to its release. 4.9% of 122.1 million ETH supply; Decrypt reported 99% progress toward Bitmine’s target.
Total reported holdings $17.1 billion, according to Bitmine’s release. $17.4 billion in crypto, cash, and “moonshot” holdings, according to Decrypt.
Other disclosed holdings 212 BTC; $714 million in cash and marketable securities; $180 million Beast Industries stake; $105 million Eightco Holdings position, per Bitmine’s release. 214 BTC; $643 million in cash and marketable securities; $180 million Beast Industries stake; $117 million Eightco Holdings position, per Decrypt.

The figures are separate snapshots, not balances to combine. Prices and valuations can change, and the disclosures use different dates. The September figures come from Bitmine’s SEC-filed September 21 release; the later figures come from Decrypt’s October 5 report.

What Bitmine says about staking its ETH

In its September 20 snapshot, Bitmine said 5,067,309 ETH was staked, valued at $13.6 billion using the ETH price cited in its release. The company said the seven-day annualized yield was 2.62% and projected $357 million in annualized staking revenue. It also gave a $421 million at-scale projection on the assumption that all of its ETH was staked.

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Those annualized revenue figures are company projections, not realized or guaranteed income. The 2.62% figure is a seven-day annualized yield reported for that snapshot; it is not a promise that the same yield will continue. Bitmine identifies MAVAN (Made in America VAlidator Network) as its staking and validation platform, developed for its treasury and expanded to institutional investors, custodians, and ecosystem partners. The release cautions that digital-asset prices, staking participation and yields, operations, and the company’s ability to reach its ETH target can vary materially. Bitmine’s SEC-filed release

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What the purchase does—and does not—say about ETH

The reported purchase shows Bitmine adding to its ETH position and moving closer to a target the company set for itself. It does not establish what ETH will be worth next or whether the strategy will prove profitable. Treasury values depend on changing asset prices, while staking projections depend on future yields and participation.

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Decrypt quoted Bitmine chairman Tom Lee saying Ethereum was “dwarfing” other macro assets during the quarter. That is Lee’s assessment, not an independent performance finding or a forecast. In the September release, Lee also said the company believed a crypto bull market had begun in late June, citing factors including a rotation from AI to crypto, tokenization and AI-related crypto fundamentals, and the end of the four-year cycle. That statement is management’s market view, not a guarantee of future returns.

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