Bitmine buys 12,535 ETH this week, extending its weekly purchase streak. The Ethereum treasury firm now holds 6,041,481 ETH. That equals 4.9% of total supply. Consequently, it is 99% of the way to its 5% goal.
Bitmine buys 12,535 ETH as holdings near 5% target
According to a press release, the company acquired 12,535 ETH over the past week. “Bitmine’s track record of consistent buying is unmatched,” the release said. “Bitmine has bought ETH every week since June 30, 2025.”
The purchase follows last week’s 12,532 ETH buy. Meanwhile, Bitmine’s staked ETH stands at 5,067,309. That is worth $12 billion. Chairman Tom Lee said the company is well positioned. Specifically, he said they strengthened their position in the bear market. Therefore, they can outperform the next bull market.
BMNR stock falls amid risk-off sentiment
BMNR stock fell after the announcement. It trades around $21, down over 1% at the market open. The stock is also down more than 5% over five days.
Tom Lee cited several reasons for weaker risk appetite. First, he pointed to AI funding and AI model safety concerns. Second, he noted escalating U.S.-Iran tensions. Third, he mentioned anxiety around U.S. midterm elections. Finally, he cited rising global bond yields.
“This has triggered a selloff in AI stocks,” Lee said. That includes semiconductor and memory stocks. Consequently, Korean and Taiwan markets also sold off. Both markets are dominated by semis and memory stocks. Lee added that many crypto investors are in these markets. Therefore, spillover into crypto is common.
Nevertheless, Lee sees the decline as an opportunity. He said fundamentals remain resilient and strong. “In the past, whenever fundamentals remain resilient while price declines, these have been attractive opportunities,” he said.