BitMine’s Weekly ETH Buys Shrink to 12,532 as Tom Lee Says Stacking Is Done

BitMine said on Monday it bought 12,532 Ethereum in the week to October 11, its third small weekly purchase in a row, taking the treasury to 6,028,946 $ETH, or 4.9% of the 122.1 million $ETH in supply.

The purchase followed the 15,112 $ETH BitMine added in the week to October 4, and the company bought 17,362 $ETH the week before that.

BitMine Is Done Stacking

The company marked its $ETH at $2,544 per token, using Coinbase prices. At those levels, its crypto, cash, and equity stakes total $16.2 billion. Cash and marketable securities came to $612 million, down from $643 million a week earlier. BitMine’s release gives no reason for the cash decline.

BitMine reported 5,067,309 $ETH staked, or 84% of its ether. Chairman Tom Lee projected $336 million a year in revenue from that staked ether, based on a 2.61% seven-day yield. He said that would rise to $400 million once all of the company’s ether is staked.

Lee said in May that BitMine had slowed its $ETH accumulation to reach the 5% target in late 2026 instead of mid-July. He returned to that target in a video message whose transcript BitMine filed with the SEC on October 7. In that message, Lee said BitMine built its position in 15 months, during a bear market.

“So we need to get about 100,000 more $ETH, and that’s about it,” Lee said. He then said BitMine is done stacking while a bull market starts.

Monday’s release still says BitMine has bought $ETH every week since its treasury strategy began on June 30, 2025. The same release, in its note on forward-looking statements, cites a management statement that the company is largely finished buying $ETH.

Buyback Ended on August 17

In that same message, Lee said that BitMine started buying back its own shares on July 14, when the company repurchased 21 million shares for $350 million and completed the program on August 17. None of the weekly updates BitMine has filed since then report a repurchase.

BitMine also raised money this year through its 9.5% perpetual preferred stock, which trades as BMNP. BitMine had planned the preferred stock offering to fund more Ethereum buying, among other uses. It sold 3.5 million shares at $80 each on June 10. Those preferred shares last closed at $99.53, and Lee put their current yield at 9.56%.