Will Bitmine outperform expected crypto bull market after acquiring another 12,532 ETH?

Ethereum’s [$ETH] largest digital asset treasury (DAT), Bitmine Immersion Technologies, has announced that its total crypto holdings, cash, marketable securities, and other investments are now worth $16.2 billion.

Of this, the firm holds 6.03 million $ETH worth approximately $15.34 billion at a reported price of $2,544 per $ETH. This represents 4.9% of Ethereum’s total circulating supply, putting the company close to its ambitious target of ‘Alchemy 5%’.

All of this followed Bitmine acquiring 12,532 $ETH over the past week.

Bitmine’s Ethereum obsession

Besides accumulating, the company is also aggressively staking Ethereum to earn passive income. As per its latest update, Bitmine has staked approximately 5.07 million $ETH, worth $12.9 billion, through its own validator network, MAVAN, and staking partners.

At a reported annualized yield of 2.61%, Bitmine estimates that fully staking its holdings could generate around $400 million annually. However, concerns remain as staking returns can fluctuate, and staked $ETH may face liquidity constraints.

Beyond this, Bitmine has also issued preferred stock, BMNP, offering a stated 9.5% annual dividend rate. This is another funding mechanism.

Is Bitmine’s roadmap rocky or smooth?

As Bitmine touched multiple milestones, Chairman Tom Lee noted,

We believe Bitmine is positioned to outperform the crypto bull market that we expect to be coming, as the company has strengthened its competitive position over the past year in the midst of a crypto winter (bear market).

This statement came within days of Lee predicting that $ETH could hit $5,000 by year-end.

However, with BMNR trading at $23.83 following a drop of 0.83% at press time, there may still be cause for caution.

Ethereum’s on-chain metrics raise red flags

At the time of writing, $ETH was trading at $2,500.71 after falling by 1.5% in 24 hours.

On the contrary, CryptoQuant’s data suggested that its network activity and development have remained resilient lately. Despite significant price volatility.

For example, $ETH fell from above $4,500 to nearly $1,500, before recovering to around $2,500. And yet, daily active addresses have generally maintained a baseline of roughly 330,000–500,000.

Meanwhile, the number of smart contracts has increased from approximately 60 million in January 2026 to over 72 million by October 2026.

Still, if the price action continues to give in to the sellers, it would be difficult for on-chain metrics to pull up the bullish narrative for Ethereum.

Final Summary

• The largest Ethereum DAT has accumulated about 4.9% of Ethereum’s total circulating supply.
• Bitmine has so far staked approximately 5.07 million $ETH, worth $12.9 billion.